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Enhanced Oil Recovery

Chevron, Occidental Invest In Bill Gates-Backed CO2 Removal Technology

The Chevron and Occidental deal marks the first significant investment by energy groups into the technology developed by Carbon Engineering, a Bill Gates-backed start-up based in Canada.

Leslie Hook, Financial Times

Wed, 01/09/2019 - 08:45 AM

Chevron, Occidental Invest In Bill Gates-Backed CO2 Removal Technology

Carbon Engineering’s working pilot plant in Squamish, British Columbia, where it has been removing CO₂ from the atmosphere since 2015 and converting it into fuels since December 2017. (Source: Carbon Engineering)

Oil majors Chevron Corp. (NYSE: CVX) and Occidental Petroleum Corp. (NYSE: OXY) are taking a minority stake in a Canadian start-up that has developed technologies to suck CO₂ directly from the atmosphere and use it to make synthetic fuel.

The deal marks the first significant investment by energy groups into the technology, known as direct air capture, which pulls CO₂ from the atmosphere by using chemicals and fans.

Carbon Engineering, a Bill Gates-backed start-up based in Squamish, British Columbia, said the new investment was part of a $60 million fundraising round that would help it design and build commercial-scale plants. The company has not disclosed its valuation.

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