Occidental Petroleum Corp subsidiary 1PointFive has secured $36 million in funding from the U.S. Division of Power (DOE) for its Bluebonnet and Magnolia Sequestration Hubs.
The funding was awarded below Section III of the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative, 1PointFive mentioned in a information launch. The awards will assist the event of 1PointFive’s carbon dioxide (CO2) sequestration hubs that intention to handle industrial sources of emissions.
1PointFive’s Bluebonnet Sequestration Hub, positioned in Chambers County, Texas, and Magnolia Sequestration Hub, positioned in Allen Parish, Louisiana, are “well-suited for large-scale geologic CO2 storage and positioned close to industrial emissions sources,” the carbon seize, utilization, and sequestration (CCUS) firm acknowledged.
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By bringing collectively pore area, UIC Class VI sequestration permits which can be progressing and infrastructure, 1PointFive’s hubs will present a sensible method for hard-to-decarbonize industries to advance their local weather targets, it mentioned.
“We’re utilizing our over 50 years of carbon administration experience and expertise creating initiatives at scale to ship a confirmed answer that helps advance industrial decarbonization,” Jeff Alvarez, President of 1PointFive Sequestration, mentioned. “Working in partnership with the Division of Power helps our potential to quickly progress our hubs and understand the potential of CCS to additional local weather targets”.
The funding will assist advance 1PointFive’s web site characterization actions, allowing and environmental approvals for building at every hub, in keeping with the discharge.
Final month, 1PointFive additionally secured funding from the DOE’s Workplace of Clear Power Demonstrations (OCED) for the event of its South Texas Direct Air Seize (DAC) Hub.
“The award is a milestone in furthering commercial-scale DAC in the USA and validation of Occidental and 1PointFive’s potential to make use of their decades-long experience in carbon administration to speed up the important local weather expertise,” 1PointFive mentioned in an earlier information launch.
Funding shall be offered in a number of tranches. The preliminary award of $50 million will advance 1PointFive’s ongoing work on the South Texas DAC Hub. Upcoming actions embrace engineering, allowing, the procurement of long-lead gear and continued neighborhood engagement to additional 1PointFive’s neighborhood advantages plan, in keeping with the discharge.
The full award worth for the South Texas DAC Hub is anticipated to be as much as $500 million for the preliminary DAC facility on the web site, and has the potential to extend as much as $650 million for the event of an expanded regional carbon community in South Texas, 1PointFive mentioned.
1PointFive’s South Texas DAC Hub, positioned on the King Ranch in Kleberg County, Texas, will host a DAC facility with an preliminary removing capability of 500,000 metric tons of carbon dioxide (CO2) per yr with a plan to develop a build-out to over 1 million metric tons per yr sooner or later.
The positioning has the capability to develop as much as 30 million metric tons of CO2 removing per yr via DAC and securely retailer as much as 3 billion metric tons of CO2 in saline formations, in keeping with the discharge.
1PointFive describes itself as a CCUS firm working to assist curb international temperature rise to 1.5°C by 2050 via the deployment of decarbonization options, together with Carbon Engineering’s DAC and Air To Fuels expertise options alongside geologic sequestration hubs.
The corporate mentioned that DAC offers a clear and sturdy option to handle emissions on a big scale, notably from hard-to-abate industries.
To contact the creator, e-mail rocky.teodoro@rigzone.com
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