Occidental to Buy Canadian Startup Carbon Engineering for $1.1 Billion
- Carbon Engineering has partnered with Oxy since 2019
- Startup’s technology to be used in Direct Air Capture hubs
This article is for subscribers only.
Warren Buffett-backed Occidental Petroleum Corp. agreed to buy Canadian startup Carbon Engineering Ltd. for $1.1 billion as the oil producer expands its position as a leader in removing carbon dioxide from the atmosphere.
Occidental will pay in cash and expects the deal to close before the end of the year, pending regulatory approvals, the Houston-based company said Tuesday. The US oil producer has partnered with Carbon Engineering for the last four years, using its technology for its West Texas-based Stratos project, set to be the world’s largest direct air capture plant by 2025.