Occidental’s 1PointFive Wins $36 Million DOE funding for CO2 Sequestration Hubs
(P&GJ) — 1PointFive, a subsidiary of Occidental, has secured $36 million in funding from the U.S. Department of Energy (DOE) to develop two carbon sequestration hubs in Texas and Louisiana.
The funding, awarded under Phase III of the DOE’s Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative, will support the Bluebonnet and Magnolia Sequestration Hubs.
Located in Chambers County, Texas, and Allen Parish, Louisiana, the sequestration hubs aim to provide large-scale CO2 storage for industrial sources of emissions. The project combines infrastructure and permits to help industries meet decarbonization goals.
“We are leveraging over 50 years of carbon management expertise to deliver solutions that aid in industrial decarbonization,” said Jeff Alvarez, President of 1PointFive Sequestration. “Partnering with the Department of Energy allows us to accelerate progress and unlock the potential of CCS (carbon capture and storage) to support climate goals.”
The DOE funding will be used for site characterization, permitting, and environmental approvals. 1PointFive also plans to launch a community benefit program, focusing on education and building relationships with local stakeholders.
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