1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Oxy Low Carbon Ventures business, announced today the sale of 400,000 tonnes of carbon removal credits from its planned first Direct Air Capture (DAC) facility using Carbon Engineering’s DAC solution to aerospace leader Airbus (NYSE: EADSY).
Purchase marks a key milestone for the decarbonization of the aviation industry
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.
1PointFive’s 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 to 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,” said 1PointFive CEO Michael Avery. “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.”
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,” said Carbon Engineering CEO Daniel Friedmann. “We congratulate 1PointFive and Airbus on their work together to provide feasible pathways for the decarbonization of aviation.“
Resilient LLP advised 1PointFive for this agreement with Airbus.
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 and AIR TO FUELS™ solutions alongside geologic sequestration hubs. Visit 1PointFive.com for more information.
Carbon Engineering (CE) is a climate solutions company. CE is focused on the global deployment of large-scale Direct Air Capture (DAC) technology that captures carbon dioxide (CO2) out of the atmosphere so it can be permanently stored deep underground or used to produce clean, affordable transportation fuels. With its partners, CE is working to deploy large-scale, commercial DAC facilities in multiple markets around the globe. More at carbonengineering.com