Occidental Petroleum subsidiary Oxy Low Carbon Ventures has acquired Holocene Climate Corp., Knoxville, Tenn.
Holocene holds liquid, low-temperature direct air capture (DAC) technology that Occidental said in a note on Holocene’s website is additive to technology acquired through Carbon Engineering Ltd. (OGJ Online, Aug. 15, 2023).
Occidental acquired Carbon Engineering in 2023 for about $1.1 billion after the two companies had been working together on DAC deployment since 2019, Occidental said at the time.
On its acquisition of Holocene, Occidental said it believes combining the Carbon Engineering technology with that of Holocene’s technology “will enable us to advance our R&D activities to improve the efficiency of our direct air capture process, reduce CO2 capture costs and accelerate DAC deployment.”
On its website, Holocene describes itself as a DAC technology developer and carbon removal service provider harnessing organic chemistry to remove CO2 directly from the atmosphere “in support of restoring the climate stability and prosperity of our namesake, the Holocene Epoch.”
In May 2024, the company publicly demonstrated its first industrial DAC pilot, noting a capture rate of about 80% as the plant took in about 450 parts/million CO2 and less than 90 parts/million CO2 came out. As part of the public demonstration news, the company said the pilot brought its technology scale to about 10 tonnes/year of CO2 capacity. Also noteworthy, Holocene said, was the team’s proven ability to scale 100,000x in less than 12 months.
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
