Occidental buys Holocene, another direct air capture startup

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a day ago

Summary

Occidental has acquired Holocene to boost its carbon removal technology. The acquisition comes as part of Occidental's efforts to reduce emissions and meet climate change goals. Holocene's amino acid-based carbon removal technology aims to remove 100,000 metric tons of carbon dioxide from the atmosphere by the early 2030s.

Key Points

Occidental acquired Holocene for an undisclosed amount through its subsidiary Oxy Low Carbon Ventures.
Holocene had been working on advancing its amino acid-based carbon removal technology after securing a $10 million deal with Google in September.
The acquisition marks the second time Occidental has bought a direct air capture startup, following its purchase of Carbon Engineering in 2023 for $1.1 billion.

Why It Matters

The acquisition highlights Occidental's commitment to reducing emissions and meeting climate change goals through carbon capture technology.

Author

Tim De Chant

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