Occidental Subsidiary 1PointFive Bags US DoE Grant To Develop South Texas Direct Air Capture Hub
Portfolio Pulse from Akanksha Bakshi
Occidental Petroleum Corp's subsidiary, 1PointFive, has been selected to receive a grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations for the development of its South Texas Direct Air Capture (DAC) Hub. The hub will house the first DAC plant in the world, which can remove up to 1 million metric tons of CO2 annually. The project is expected to create about 2,500 jobs. OXY shares are trading higher by 1.22% at $64.55.
August 11, 2023 | 1:46 pm
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Occidental Petroleum's subsidiary, 1PointFive, has been selected to receive a grant for the development of its South Texas DAC Hub. This could potentially boost OXY's reputation and stock value.
The grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations for the development of the South Texas DAC Hub is a significant achievement for Occidental Petroleum's subsidiary, 1PointFive. This could potentially boost OXY's reputation as a company committed to environmental sustainability, which could attract more investors and drive up its stock value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100