Visit Carbon Innovation on oxy.com for more information. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. “We focus on sustainably managing our forests for climate-positive and nature-positive impact, and we are excited to find additional opportunities to continue this work for clients.”ġPointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5☌ by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic sequestration hubs. “We understand the importance our forests and underlying land play as a natural climate solution in decarbonization,” said Eduardo Hernandez, Managing Director and Global Head of Timberland Operations at Manulife Investment Management. “This agreement strengthens our CCUS position and advances commercial-scale decarbonization solutions in line with Oxy’s net-zero goals.” “We are excited to join with Manulife and lease the acreage to develop a hub that will provide sequestration infrastructure and services for industrial emitters and 1PointFive’s future DAC facilities,” said Dr. 1PointFive would also like to recognize New Dawn Energy, which is a Manulife land lease partner, and has been cooperative and supportive of the project. Manulife Investment Management’s acreage offers excellent storage capacity within proximity to point source industrial emitters, who would otherwise emit carbon dioxide to the atmosphere. The lease agreement is a pivotal step in 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities. Two Class VI injection permits, required by the EPA for geologic sequestration, have already been filed for the site. The agreement provides 1PointFive with access to subsurface pore space and surface rights to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions. HOUSTON, J(GLOBE NEWSWIRE) - 1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) business, and Manulife Investment Management today announced that OLCV and Manulife entered into a lease agreement for approximately 27,000 acres of timberland in Western Louisiana. 1PointFive plans to use the approximately 27,000 acres to expand its carbon sequestration hub business
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