Carbon capture company 1PointFive announced March 13 that AT&T has agreed to purchase CO2 removal credits from STRATOS, 1PointFive’s first large-scale direct air capture (DAC) facility currently under construction in Texas.
The transaction is part of AT&T’s commitment to reduce carbon emissions and become carbon neutral in its global operations by 2035, according to a March 13 press release.
STRATOS is designed to capture up to 500,000 metric tons of CO2 annually when fully operational. Under the agreement, the captured CO2 will be stored through durable saline sequestration, the release stated.
1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like DAC that can “help cost effectively achieve net zero.”
“AT&T’s carbon removal credit purchase is another proof point of the vital role that direct air capture can play in providing a high-integrity and durable solution to help organizations address their emissions,” said Michael Avery, president and general manager of 1PointFive.
Recommended Reading
Top Exxon Directors Cruise to Re-election Despite Activist Opposition
2024-05-29 - The campaign amounted to a test of whether top fund firms would rally to defend the small shareholders whose resolutions have put topics like the environment and workforce diversity at the center of many corporate annual meetings.
Energy Capital Partners Raises $6.7B, Buys Atlantica
2024-05-29 - The New Jersey-headquartered Energy Capital Partners said its ECP V (Fund V) secured capital commitments of $4.4 billion plus an additional $2.3 billion of co-investment capital; the private equity firm also announced a $2.6 billion take-private of Atlantica Sustainable Infrastructure.
Hess Shareholders Approve Chevron Merger
2024-05-28 - Hess Corp. stockholders voted in favor of the company’s merger with Chevron Corp. during Hess’ May 28 special meeting.
Permian Resources Completes Liquidation of Canada’s Lynden Energy
2024-05-28 - Permian Resources said the liquidation of Lynden Energy, a subsidiary of Earthstone Energy, will simplify its corporate structure and reduce go-forward tax obligations at the time of the Earthstone acquisition.
Earthstone’s Anderson Relaunches, Seeks Conventional
2024-05-24 - The new E&P PetroPeak Energy will also take a look at unconventional property in the Eagle Ford and Austin Chalk.