An artist rendering of the Stratos direct air capture facility under construction in Ector County, Texas. (Source: 1PointFive)
Carbon capture, utilization and sequestration company 1PointFive, an Occidental Petroleum subsidiary, agreed to sell 21,000 metric tons (mt) of CO2 removal credits to Boston Consulting Group (BCG) over three years, according to a Jan. 11 press release.
Under the agreement, the captured CO2 underlying the removal credits will be stored through “durable” geologic sequestration.
The CO2 removal credits will be led by Stratos, 1PointFive’s first industrial-scale direct air capture facility, which is currently under construction in Ector County, Texas. Stratos is designed to capture up to 500,000 mt/year of CO2, the release stated.
“With this strategic agreement, BCG reaffirms its commitment to be an early adopter and to support the most promising CDR [CO2 removal] technologies to capture and store carbon durably,” said David Webb BCG’s chief sustainability officer. “Over the past year, BCG has already supported 1PointFive in designing the required IT architecture needed for the measurement reporting and verification (MRV) of STRATOS.”
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