Occidental Petroleum Corporation has purchased Holocene, a carbon removal dynamic innovation lab and tech startup recognized for its pioneering amino acid-based carbon tech. This acquisition is another major step toward the oil and gas goliath’s climate narrative—its commitment to a net zero future and carbon capture projects. Holocene just made a huge deal with Google. This agreement binds them to provide 100,000 metric tons of carbon removal in the coming decade, with the majority expected by the early 2030s.
Holocene’s tech focuses a bit downstream — directly removing carbon dioxide from the atmosphere. This strategy is building steam, as the world collectively looks for more efficient and effective ways to address the existential threat of climate change. The startup had been scrambling to perfect its technology, which provides a potentially cheaper solution than the popular but pricey carbon removal techniques. We’ve made Holocene’s pricing very accessible, at only $100 per metric ton. This is a huge cut compared to the competition, who typically charge upwards of $600 per metric ton.
The collaboration with Google, worth $10 million over five years, represents a big breakthrough for Holocene. The agreement was made through Oxy Low Carbon Ventures, a subsidiary of Occidental. The deal underscores Occidental’s years-long strategy of doubling down on investing heavily in carbon capture. While we don’t have financial terms yet, it’s a signal of their intent to grow these capabilities.
HeatMap first reported the news regarding Holocene’s agreement with Google, highlighting the startup’s position within the rapidly evolving carbon removal landscape. Occidental is using Holocene’s technology to build out its own research and development network in direct air capture. This latest move further cements Occidental’s position as a top player in the industry.
Occidental is taking steps to become the dominant player in the emerging direct air capture sector. In 2023, they then went on to buy Carbon Engineering at a valuation of $1.1 billion. Occidental is deeply invested in pursuing innovative technologies that address the challenges of climate change. Not surprisingly, these strategic moves are a terrific fit for their greener municipal ambitions.
Holocene’s amino acid-based carbon removal technology stands out because of its scalability and cost-effectiveness. This makes Holocene a key ally in the fight against climate change. As the world grapples with increasing levels of atmospheric carbon dioxide, in order to fulfill our international climate commitments, we need to accelerate the advancement of carbon removal technology.
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