US Announces Up To $1.2B To Advance Development Of Two Commercial-Scale Direct Air Capture Facilities In Texas And Louisiana
Portfolio Pulse from Benzinga Newsdesk
The US government has announced up to $1.2 billion in funding to advance the development of two commercial-scale Direct Air Capture (DAC) facilities in Texas and Louisiana. The facilities are being developed by 1PointFive, a subsidiary of Occidental, and its partners, Carbon Engineering Ltd. and Worley, and by Battelle, in coordination with Climeworks Corporation and Heirloom Carbon Technologies, Inc.
August 11, 2023 | 9:30 am
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Occidental, through its subsidiary 1PointFive, is involved in the development of a DAC facility, which could enhance its environmental credentials and potentially open up new revenue streams.
The involvement of Occidental's subsidiary in the development of a DAC facility could enhance the company's reputation in terms of environmental responsibility. This could potentially attract environmentally conscious investors and open up new revenue streams from the operation of the facility.
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