“Occidental Ventures Into Carbon Removal with Holocene Acquisition”
Occidental, a major player in the oil and gas industry, has made strategic moves in the world of carbon removal by acquiring startup Holocene. This acquisition marks the second direct air capture startup bought by Occidental in just two years, signaling a strong commitment to environmental innovation.
Holocene, known for its amino acid-based carbon removal technology, had been gaining momentum in the industry. With a recent deal with Google to remove 100,000 metric tons of carbon by the early 2030s, Holocene was making significant strides in the field. The price point of $100 per metric ton offered by Holocene was notably lower than competitors, making their technology an attractive option for carbon removal.
Occidental’s interest in carbon capture technology is driven by its application in enhanced oil recovery, where CO2 is injected underground to stimulate oil wells. This strategic acquisition of Holocene follows Occidental’s previous purchase of Carbon Engineering, another direct air capture startup. By integrating Holocene’s technology into their research and development efforts, Occidental is positioning itself as a key player in the carbon removal space.
Moreover, direct air capture technology qualifies for tax credits under the Inflation Reduction Act, giving companies like Occidental additional incentives to invest in this innovative approach to reducing carbon emissions. With a focus on utilizing zero-emission power and leveraging captured carbon dioxide for enhanced oil recovery, Occidental’s acquisition of Holocene demonstrates a forward-thinking approach to sustainability in the fossil fuel industry.
