1PointFive and Airbus announce 400,000 tonnes of carbon removal credits deal
1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Oxy Low Carbon Ventures business, announced today the sale of 400,000 tonnes of carbon removal credits from its planned first Direct Air Capture (DAC) facility using Carbon Engineering’s DAC solution to aerospace leader Airbus (NYSE: EADSY).
Under the agreement, Airbus has pre-purchased the capture and permanent sequestration of 100,000 tonnes of carbon dioxide (CO₂) from the atmosphere each year for four years—with an option to secure more volume in the future.
1PointFive’s contract is indicative of the availability of a feasible, affordable, and scalable decarbonization solution for aviation and other hard-to-abate industries. It provides another complementary solution for Airbus to address its carbon emissions and to support the broader decarbonization efforts currently underway across the air transport industry.
“We’re proud to partner with Airbus on an enormous opportunity to help the aviation industry and other hard-to-abate sectors decarbonize,” said 1PointFive CEO Michael Avery. “Direct Air Capture will be a scalable, practical solution that aerospace pioneers like Airbus can integrate into their decarbonization roadmaps to contribute to climate action.”
1PointFive’s first DAC facility, which will include pure sequestration, is in the process of being deployed using Carbon Engineering’s industrial-scale DAC solution. The facility will extract atmospheric CO₂ and permanently store it deep underground in geologic formations delivering permanent and verifiable carbon dioxide removal.
Construction of the first DAC facility is expected to begin in the second half of 2022 in the Permian Basin. When fully operational, the DAC facility is expected to be the largest in the world, with a one-million-tonne annual CO₂ removal volume capacity.
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