JPMorganChase has signed a long-term agreement with 1PointFive, a carbon capture, utilisation and sequestration (CCUS) company, to purchase 50,000 metric tonnes of carbon dioxide removal (CDR) credits over the next decade. The credits will be generated using Direct Air Capture (DAC) technology at 1PointFive’s STRATOS facility in Texas, which is scheduled to become operational later this year.
The captured CO₂ will be permanently stored through saline sequestration, a process in which carbon is injected into deep underground rock formations. The deal forms part of JPMorganChase’s broader strategy to reduce its operational emissions and support the emerging market for durable, high-integrity carbon removal.
“With STRATOS set to be commercially operational this year, JPMorganChase is proud to support large scale deployment of DAC technology,” said Taylor Wright, Head of Operational Decarbonization at JPMorganChase. “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.”
Michael Avery, President and General Manager of 1PointFive, said: “We’re excited to work with JPMorganChase and believe this agreement further demonstrates how leading organisations are integrating Direct Air Capture credits into their portfolios. Momentum from CDR buyers helps us move the technology forward and build infrastructure that creates economic opportunities in the United States.”
STRATOS is the first commercial-scale DAC facility from 1PointFive, a subsidiary of Occidental, which is drawing on its decades of carbon management and infrastructure development experience to deliver large-scale carbon removal.
