Occidental’s 1PointFive snags $36M in DoE funding for sequestration hubs
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Occidental Petroleum (NYSE:OXY) subsidiary 1PointFive said Thursday it was awarded $36M in funding from the U.S. Department of Energy to support development of its Bluebonnet and Magnolia carbon dioxide sequestration hubs to help address industrial sources of emissions.
The Bluebonnet and Magnolia sequestration hubs, positioned near industrial emissions sources in Chambers County, Texas, Allen Parish, Louisiana, respectively, are being designed for large-scale geologic CO2 storage.
The Occidental (OXY) subsidiary said the new DoE funding will “help advance 1PointFive’s site characterization activities, permitting, and environmental approvals for construction at each hub.”
Three weeks ago, 1PointFive was awarded up to $500M in funding from the DoE’s Office of Clean Energy Demonstrations to support development of the South Texas Direct Air Capture Hub.