1PointFive, Occidental’s carbon capture utilization and sequestration business unit, agreed to sell 50,000 metric tons of CO2 removal credits to JPMorgan Chase, according to a June 24 press release.
The credits are issued over a 10-year period and will be produced from STRATOS, 1PointFive’s direct air capture facility in Texas, which is expected to come online this year.
The agreement is part of Chase’s strategy to address operational emissions. The captured CO2 underlying the credits will be stored through saline sequestration, the release stated.
“With STRATOS set to be commercially operational this year, JPMorganChase is proud to support large scale deployment of DAC technology. This offtake agreement builds on our diverse, high-quality portfolio of carbon removal projects to address our unabated operational emissions and aligns with our ongoing efforts to help scale the growth and development of carbon removal technologies,” said Taylor Wright, head of operational decarbonization at JPMorgan Chase.
Occidental secured permits from the Environmental Protection Agency to store CO2 at STRATOS— which is designed to capture and store up to 500,000 metric tons of CO2 annually.
Financial terms of the deal were not disclosed.
Source: hartenergy.com
