STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Susanna Twidale and Peter Henderson
The company did not reveal any financial details of the deal, but developers of DAC technology have said removal credits currently cost in the mid-to-high-triple digits in dollars per metric ton. Although the technological solutions are still far from proven at a cost and scale that could allow a global roll-out, tech giants have increasingly backed DAC. Microsoft last week signed a multi-year deal for the purchase of 315,000 metric tons with U.S. project developer Heirloom.
“We have to have massive scale very quickly, 1PointFive and Occidental have significant knowledge, expertise and workforce and experience that’s needed to scale industrial plants like this,” he said.