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Released August 14, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. Department of Energy (DOE) said Friday it has picked two direct air capture (DAC) projects in Louisiana and Texas to receive as much as $1.2 billion to pull carbon dioxide (CO2) from the air.
Together, the projects would remove more than 2 million metric tons of CO2 from the atmosphere each year, or roughly the equivalent of annual emissions from 445,000 gasoline-powered cars, as part of the Biden administration's efforts to curb climate change, the DOE said.
Project Cypress in Calcasieu Parish, Louisiana, where Battelle Memorial Institute (Columbus, Ohio) has teamed up with Climeworks Corporation (Zurich, Switzerland) and Heirloom Carbon Technologies, Incorporated (San Francisco, California), to develop plans to capture more than 1 million metric tons of CO2 from the atmosphere each year and store it permanently underground.
In a press release, Battelle Executive Vice President of Applied Science and Technology Matt Vaughan said, "Our expertise in both large-project management and carbon sequestration during the past two decades positioned us to lead this once-in-a-generation opportunity."
Notification of selection from the DOE indicates the project can proceed with negotiations leading to an award, according to Battelle, which added the project has a kickoff planned for late 2023. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for the related project report.
The South Texas Direct Air Capture Hub is under development by IPointFive, a subsidiary of Occidental Petroleum Corporation (NYSE:OXY). To be located on the King Ranch in Kleburg County, the hub will be the world's first DAC plant designed to remove up to 1 million metric tons of CO2 per year, according to Occidental. The DOE funding will support 1PointFive's advancement of planning, detailed design, environmental permitting and procurement of long-lead equipment for the DAC hub, the company said in a press release.
1PointFive's lease agreement for the South Texas DAC Hub with King Ranch covers about 106,000 acres of rock pore space estimated to accommodate up to 3 billion metric tons of CO2 in saline formations. 1PointFive said it estimates the hub has the potential to remove and store up to 30 million metric tons of CO2 per year.
1PointFive President and Chief Executive Vicki Hollub said, "We believe this selection validates our readiness, technical maturity and the ability to use Oxy's expertise in large projects and carbon management to move the technology forward so it can reach its full potential."
Industrial Info is tracking seven projects tied to the King Ranch Development. Subscribers can click here for a list of detailed project reports.
The DOE was allocated $3.5 billion from Congress under the bipartisan infrastructure bill in order to develop regional DAC hubs.
"Cutting back on our carbon emissions alone won't reverse the growing impacts of climate change; we also need to remove the CO2 that we've already put in the atmosphere--which nearly every climate model makes clear is essential to achieving a net-zero global economy by 2050," U.S. Secretary of Energy Jennifer Granholm said in a press release.
The DOE estimates that reaching the Biden administration's plan for a net-zero emissions economy will require between 400 million and 1.8 billion metric tons of CO2 to be removed from the atmosphere and captured from emissions sources annually by 2050.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Together, the projects would remove more than 2 million metric tons of CO2 from the atmosphere each year, or roughly the equivalent of annual emissions from 445,000 gasoline-powered cars, as part of the Biden administration's efforts to curb climate change, the DOE said.
Project Cypress in Calcasieu Parish, Louisiana, where Battelle Memorial Institute (Columbus, Ohio) has teamed up with Climeworks Corporation (Zurich, Switzerland) and Heirloom Carbon Technologies, Incorporated (San Francisco, California), to develop plans to capture more than 1 million metric tons of CO2 from the atmosphere each year and store it permanently underground.
In a press release, Battelle Executive Vice President of Applied Science and Technology Matt Vaughan said, "Our expertise in both large-project management and carbon sequestration during the past two decades positioned us to lead this once-in-a-generation opportunity."
Notification of selection from the DOE indicates the project can proceed with negotiations leading to an award, according to Battelle, which added the project has a kickoff planned for late 2023. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for the related project report.
The South Texas Direct Air Capture Hub is under development by IPointFive, a subsidiary of Occidental Petroleum Corporation (NYSE:OXY). To be located on the King Ranch in Kleburg County, the hub will be the world's first DAC plant designed to remove up to 1 million metric tons of CO2 per year, according to Occidental. The DOE funding will support 1PointFive's advancement of planning, detailed design, environmental permitting and procurement of long-lead equipment for the DAC hub, the company said in a press release.
1PointFive's lease agreement for the South Texas DAC Hub with King Ranch covers about 106,000 acres of rock pore space estimated to accommodate up to 3 billion metric tons of CO2 in saline formations. 1PointFive said it estimates the hub has the potential to remove and store up to 30 million metric tons of CO2 per year.
1PointFive President and Chief Executive Vicki Hollub said, "We believe this selection validates our readiness, technical maturity and the ability to use Oxy's expertise in large projects and carbon management to move the technology forward so it can reach its full potential."
Industrial Info is tracking seven projects tied to the King Ranch Development. Subscribers can click here for a list of detailed project reports.
The DOE was allocated $3.5 billion from Congress under the bipartisan infrastructure bill in order to develop regional DAC hubs.
"Cutting back on our carbon emissions alone won't reverse the growing impacts of climate change; we also need to remove the CO2 that we've already put in the atmosphere--which nearly every climate model makes clear is essential to achieving a net-zero global economy by 2050," U.S. Secretary of Energy Jennifer Granholm said in a press release.
The DOE estimates that reaching the Biden administration's plan for a net-zero emissions economy will require between 400 million and 1.8 billion metric tons of CO2 to be removed from the atmosphere and captured from emissions sources annually by 2050.
Subscribers can click here for all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
