1PointFive announces agreement with Houston Texans to purchase carbon removal credits and become the team’s Preferred Carbon Removal Partner
06 Janeiro 2023 - 11:00AM
1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon
Ventures (OLCV) business, today announced an agreement and
sponsorship with the Houston Texans whereby the Texans have agreed
to purchase carbon dioxide (CO2) removal credits from 1PointFive’s
first Direct Air Capture (DAC) plant, which is expected to be
operational in late 2024. The CO2 removal credits would allow the
Texans to offset the estimated carbon emissions for the team’s
future air travel to regular season away games for three seasons.
DAC is a technology that captures and removes large volumes of
CO2 directly from the atmosphere, which can be safely and securely
stored deep underground in geologic formations. For the Texan’s
agreement, CO2 captured by DAC will be sequestered in saline
reservoirs not associated with oil and gas production. DAC provides
a practical solution for hard-to-decarbonize activities, such as
air travel, to help achieve climate goals.
Through the sponsorship, 1PointFive will become the Texans’
Preferred Carbon Removal Partner and work with the team to educate
fans on DAC and the importance of carbon removal.
“We are excited to work with the Houston Texans and for their
purchase of carbon removal credits enabled by Direct Air Capture,”
said Michael Avery, President and General Manager of 1PointFive.
“We believe Direct Air Capture is an efficient way to help reduce
an organization’s carbon footprint and provides a solution that is
particularly well-suited to addressing carbon emissions associated
with air travel.”
“We are proud to partner with 1PointFive and welcome them to our
Houston Texans family,” said Jerry Angel, Houston Texans Vice
President of Corporate Development. “Together with 1PointFive, we
will strive to make a difference across our community.”
To learn more about 1PointFive, visit www.1PointFive.com.
About 1PointFive1PointFive 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 (DAC) and AIR TO FUELS™
technologies alongside geologic sequestration hubs. More at
1PointFive.com.
AIR TO FUELS™ is a registered trademark of Carbon Engineering
Ltd.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including those relating
to Occidental’s and its subsidiaries' deployment and use of DAC
technology, which are based on Occidental’s current expectations,
beliefs, plans, estimates, and forecasts. All statements other than
statements of historical fact are forward-looking statements for
purposes of federal and state securities laws. Words such as
“will,” “may,” “expect,” “plan,” or similar expressions that convey
the prospective nature of events or outcomes are generally
indicative of forward-looking statements. You should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Occidental does not undertake any obligation to update, modify, or
withdraw any forward-looking statements as a result of new
information, future events, or otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Occidental’s
control. Factors that may cause actual results to differ materially
from forward-looking statements include Occidental’s ability to
access necessary technology, to develop and employ existing or new
technology on a commercial scale, to access capital, to collaborate
with third parties and customers, and to receive approvals from
regulatory bodies, as well as market conditions, geopolitical
events, and scientific developments. Additional factors that may
affect Occidental’s and its subsidiaries' ability to deploy DAC
technology can be found in Occidental’s public disclosure and its
filings with the U.S. Securities and Exchange Commission (SEC),
which may be accessed at Occidental’s website at oxy.com or the
SEC’s website at sec.gov. Information included herein is not
necessarily material to an investor in Occidental’s securities.
Contacts
Media |
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Investors |
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Eric
Moses713-497-2017eric_moses@oxy.com |
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Neil
Backhouse713-552-8811investors@oxy.com |
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