1PointFive, a development company formed by Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental Petroleum Corporation (Occidental), and Rusheen Capital Management LLC, to finance and deploy Carbon Engineering Ltd’s large-scale Direct Air Capture (DAC) technology, has announced an agreement with aerospace major Airbus for the purchase of 400 000 tonnes of carbon dioxide removal (CDR) credits.
An error occurred
On your profile you can see what subscriptions you have access to and more information.
Is some of the information wrong – please contact our customer service.
Please reload the page
Do you want to read the whole article?
- Six editions per year
- Full access to all digital content
- The E-magazine Bioenergy international
- And more ...
Under the agreement, Airbus has pre-purchased the capture and permanent sequestration of 100 000 tonnes of carbon dioxide (CO2) from the atmosphere each year for four years—with an option to secure more volume in the future.
According to 1PointFive, this contract is “indicative of the availability of a feasible, affordable, and scalable decarbonization solution for aviation and other hard-to-abate industries.”
It provides another complementary solution for Airbus to address its carbon emissions and support the broader decarbonization efforts currently underway across the air transport industry.
We’re proud to partner with Airbus on an enormous opportunity to help the aviation industry and other hard-to-abate sectors decarbonize. Direct Air Capture will be a scalable, practical solution that aerospace pioneers like Airbus can integrate into their decarbonization roadmaps to contribute to climate action, said Michael Avery, CEO of 1PointFive.
CCUS platform
1PointFive is a Carbon Capture, Utilization, and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5 °C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture (DAC) and AIR TO FUELS solutions alongside geologic sequestration hubs.
1PointFive’s first DAC facility, which will include pure sequestration, is in the process of being deployed using Carbon Engineering’s industrial-scale DAC solution.
The facility will extract atmospheric CO2 and permanently store it deep underground in geologic formations, delivering permanent and verifiable carbon dioxide removal.
Construction of the first DAC facility is expected to begin in the second half of 2022 in the Permian Basin.
When fully operational, the DAC facility is expected to be the largest in the world, with a one-million-tonne annual CO2 removal volume capacity.
Demand for scalable and affordable climate solutions continues to grow rapidly. We congratulate 1PointFive and Airbus on their work together to provide feasible pathways for the decarbonization of aviation, said Daniel Friedmann, CEO of Carbon Engineering.
Resilient LLP advised 1PointFive for this agreement with Airbus.
