This article discusses the oil industry making investment in CO2 air capture.
Chevron Corp. and Occidental Petroleum Corp. are forming the first major collaboration between the oil industry and a company deploying technology to capture carbon dioxide from the air.
In an announcement yesterday, Chevron’s venture capital arm and Oxy Low Carbon Ventures LLC, an Occidental subsidiary, said they would invest in Carbon Engineering, a Canadian-based firm supported by Microsoft Corp. co-founder Bill Gates and other entrepreneurs.
“It is a very important time for the air capture field right now,” said Steve Oldham, the CEO of Carbon Engineering. “CE’s relationships with Occidental and Chevron, and these new investments, will allow us to accelerate the deployment.”