1PointFive, a subsidiary of Occidental, has secured $36 million in funding from the US Department of Energy (DOE) for its Bluebonnet and Magnolia Sequestration Hubs as part of the third phase of the CarbonSAFE Initiative.
This funding will accelerate the development of 1PointFive’s carbon dioxide (CO2) sequestration hubs, aimed at reducing emissions from industrial sources and supporting industrial decarbonisation efforts.
“With over 50 years of carbon management expertise and experience developing large-scale projects, we are delivering a proven solution to advance industrial decarbonization,” said Jeff Alvarez, President of 1PointFive Sequestration.
He added, “Our partnership with the DOE enables us to fast-track our hub development and leverage carbon capture and storage (CCS) technology to meet climate goals.”
