1PointFive, the carbon capture, utilization and sequestration (CCUS)-focused subsidiary of energy giant Occidental (Oxy) announced a new agreement with global management consulting firm Bain & Company for the purchase of 9,000 metric tons of carbon dioxide removal (CDR) credits over three years.
The CDR credits for the new agreement will be generated using direct air capture (DAC) technology from 1PointFive’s STRATOS facility in Texas. 1PointFive’s DAC facilities capture CO2 directly from the atmosphere compress it into a liquid and store it deep underground or use it to produce low-carbon products.
Currently progressing through start-up activities, STRATOS is expected to be the largest DAC facility in the world, designed to capture up to 500,000 tons of CO2 per year once commercially operational.
Anthony Cottone, President and General Manager of 1PointFive, said:
“Collaborating with Bain & Company reflects our shared commitment to innovation and the importance of accelerating the adoption of Direct Air Capture technology. We believe this agreement demonstrates continued momentum for the solution while supporting the development of vital domestic infrastructure.”
Bain has set targets to reach net zero greenhouse gas emissions across its value chain by 2050, and since 2021, the company has committed to achieve net-negative carbon emissions by voluntarily offsetting more than 100% of its scope 1, 2, and 3 carbon footprints through the purchase of high-quality carbon removal offset credits. The company has invested in 1.1 million tons of high-integrity carbon removal credits over the past five years.
The new agreement with 1PointFive marks Bain’s first purchase of DAC removal credits as part of its net-negative commitment.
Sam Israelit, Bain’s Chief Sustainability Officer, said:
“We are proud to partner with 1PointFive and add them to our portfolio of engineered carbon removal technologies. Their track record for developing DAC technology coupled with their deep understanding of what it takes to deliver large-scale infrastructure projects uniquely positions them to be a leader in this emerging segment.”
