Oxy Low Carbon Ventures and the private equity firm Rusheen Capital Management have formed a development company, 1PointFive, to finance Carbon Engineering’s largest-scale DAC (Direct Air Capture) technology.
The signed licensing agreement will give birth to the world’s largest DAC facility.
1PointFive’s mission is to reduce the amount of carbon dioxide (CO2) in the atmosphere using Carbon Engineering’s DAC technology. This is considered as a promising path to limit the increase in global temperature to 1.5 degrees Celsius as announced in the Paris Agreement in 2015.
In order to achieve this goal, the Intergovernmental Panel on Climate Change (IPCC) indicated in a report published in 2018 that removing atmospheric CO2 is necessary in addition to significant emissions reductions.
About Oxy Low Carbon Ventures, LLC (OLCV):
OLCV is a subsidiary of Occidental, an international energy company with operations in the United States, Middle East, Africa and Latin America.
About Rusheen Capital Management:
Rusheen Capital Management is a Santa Monica-based private equity firm investing in energy, environment and sustainability. The firm has investments in carbon capture, utilization and storage, biofuels, renewables and water.
About Carbon Engineering:
Carbon Engineering (CE) is a Canadian-based Cleantech company focused on the deployment of Direct Air Capture (DAC) technology that captures carbon dioxide (CO₂) directly from the atmosphere so it can be permanently stored deep underground or used to produce clean fuels.”
About 1PointFive:
1PointFive was formed to curb the rise in global temperatures by commercializing Carbon Engineering’s Direct Air Capture facilities at an industrial-scale.
