Occidental Petroleum Acquires Carbon Engineering in $1.1 Billion Deal

Occidental Petroleum has agreed to acquire technology supplier Carbon Engineering Ltd for $1.1 billion to develop carbon-capture sites aimed at addressing climate change. Occidental plans to build around 100 plants using direct air capture (DAC) technology to remove carbon dioxide from the atmosphere for storage underground or for use in various products. The acquisition will help Occidental catalyze broader development partnerships for DAC deployment. The U.S. Department of Energy recently announced funding for Occidental's proposed DAC plants in Texas, which will be the first to receive federal grants from the bipartisan infrastructure bill.