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					</table><p><a href="https://www.oxy.com/" target="_blank" rel="noopener">Occidental</a>, a U.S.-headquartered global energy company, has announced the acquisition of <a href="https://carbonengineering.com/" target="_blank" rel="noopener">Carbon Engineering</a>, a company specializing in direct air capture (DAC) technology, in a deal valued at approximately $1.1 billion.</p>
<p>Under the terms of the definitive purchase agreement, a wholly owned subsidiary of Occidental, Oxy Low Carbon Ventures, will acquire all outstanding equity of Carbon Engineering.</p>
<p>The transaction will be executed through three equal annual payments, with the initial payment made upon closing.</p>
<p>The deal&#8217;s completion is expected before the close of 2023, subject to customary closing conditions, including regulatory approvals and Canadian court reviews.</p>
<p>The collaboration between Occidental and Carbon Engineering has been on since 2019, focusing on deploying the DAC technology.</p>
<p>The company said this acquisition aligns with Occidental&#8217;s net-zero initiative, allowing it to leverage Carbon Engineering&#8217;s expertise to advance DAC technology breakthroughs and accelerate its deployment as a globally scalable and cost-effective carbon removal solution.</p>
<p>Carbon Engineering offers standardized processes and proven industrial equipment for effective carbon capture.</p>
<p>The acquisition will also empower Oxy Low Carbon Ventures with access to Carbon Engineering&#8217;s innovative solutions.</p>
<p>Upon the completion of the acquisition, Carbon Engineering would become a wholly-owned subsidiary of Oxy Low Carbon Ventures.</p>
<p>The company&#8217;s existing personnel will continue to drive DAC technology development efforts, working in tandem with Occidental and its subsidiary, 1PointFive, to expedite the introduction of DAC solutions to the market.</p>
<p>Carbon Engineering&#8217;s ongoing research and development activities, as well as its Innovation Center located in Squamish, British Columbia, will remain operational.</p>
<p>Vicki Hollub, President and CEO of Occidental, said, &#8220;We expect the acquisition of Carbon Engineering to deliver our shareholders value through an improved drive for technology innovation and accelerated DAC cost reductions.&#8221;</p>
<p>The partnership is also set to generate additional revenue streams through technology licensing and royalties.</p>
<p>Daniel Friedmann, CEO of Carbon Engineering, said, &#8220;At the core of this deeper relationship is the commitment to invest in the development of our technology here in Canada and the global reach to accelerate the implementation of DAC-based climate solutions in the U.S. and around the world.”</p>
<p>As part of its commitment to advancing DAC technology, 1PointFive is constructing Stratos, a large DAC facility, with commercial operations set to commence in mid-2025 in Ector County, Texas.</p>
<p>Occidental and Carbon Engineering are also jointly adapting the front-end engineering and design study from the Stratos project for another DAC facility at King Ranch in Kleberg County. This project is aligned with the South Texas DAC Hub, which secured a grant from the U.S. Department of Energy&#8217;s Office of Clean Energy Demonstrations.</p>
<p>In February, the U.S. administration’s Department of Energy (DOE) <a href="https://www.mercomindia.com/us-announces-2-5-billion-funding" target="_blank" rel="noopener">announced</a> $2.5 billion in funding for two carbon management programs to significantly mitigate the carbon emissions from power generation and hard-to-abate industrial operations.</p>
<p>In May, a report by the Department of Economic and Policy Research <a href="https://www.mercomindia.com/india-needs-to-adopt-taxation-to-meet-climate-objectives" target="_blank" rel="noopener">said</a> India must establish a comprehensive carbon pricing mechanism in line with current international standards and implement a carbon tax to accelerate the growth of green finance to achieve the climate objectives.</p>


Occidental Acquires a Direct Air Capture Tech Firm in a $1.1 Billion Deal

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