1PointFive Selected for U.S. Department of Energy Grant to Develop South Texas Direct Air Capture Hub
Summary
OCED funding will support 1PointFives development of the DAC Hub through the advancement of planning, detailed design, environmental permitting and procurement of long-lead equipment.We appreciate the U.S. Department of Energys leadership to advance Direct Air Capture and look forward to our partnership to deploy this vital carbon removal technology at climate-relevant scale and establish the United States and 1PointFive as global leaders in demonstrating the commercial viability of DAC, said President and CEO Vicki Hollub. We believe this selection validates our readiness, technical maturity and the ability to use Oxys expertise in large projects and carbon management to move the technology forward so it can reach its full potential.1PointFives lease agreement for the South Texas DAC Hub with King Ranch covers approximately 106,000 acres of pore space estimated to accommodate up to 3 billion metric tons of CO in saline formations. Visit energy.gov/oced to learn more.This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including those relating to the DOE fundings benefits and related impact on carbon emissions, Occidentals and 1PointFives deployment and use of DAC technology and project-related community benefits, which are based on Occidentals current expectations, beliefs, plans, estimates, and forecasts. Words such as will, may, expect, plan, or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. Factors that may cause actual results to differ materially from forward-looking statements include Occidentals and 1PointFives ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments.