Occidental just announced its intention to acquire Carbon Engineering, a leader in direct air capture (DAC) technology, for $1.1 billion. The acquisition is slated to close by the end of the year.
Occidental and Carbon Engineering have been partners since 2019, driving tons of innovation in the DAC space. This acquisition can be seen as a continuation of that work, providing Occidental with a huge opportunity to offer real, global solutions for carbon removal.
DAC offers a great solution for hard-to-abate emissions – think things like heavy industry and aviation. While we wait for decarbonization technologies to catch up in these sectors, carbon removal is a necessity.
In fact, some estimates show that we may need to remove as much as 10 GIGATONS of carbon every single year to keep us inline with climate targets.
This merger is a great step toward reaching that daunting figure. Congrats to Occidental CEO Vicki Hollub on this great achievement!