1PointFive and the Houston Astros announce Direct Air Capture Carbon Removal Credit Agreement
HOUSTON, TX — March 7, 2023 — 1PointFive, a carbon capture, utilization and sequestration company, and the Houston Astros, announced today the team has agreed to purchase carbon dioxide (CO₂) removal credits from 1PointFive’s Direct Air Capture (DAC) plant under construction in Ector County, Texas. This progressive agreement is a demonstration of the Astros commitment to continuous improvement of their fan experience via environmental investment.
DAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. For this agreement with the Astros, CO₂ captured by DAC will be sequestered in saline reservoirs not associated with oil and gas production. DAC provides a practical solution for hard-to-decarbonize activities, such as air travel, to help achieve climate goals. Over the next three years, the Astros will utilize the removal credits across a number of activities throughout the ballpark as they work towards a carbon neutral footprint.
“We are pleased to further our relationship with the Houston Astros and provide a solution to address future carbon emissions,” said Michael Avery, President and General Manager, 1PointFive. “We are excited about the opportunity that Direct Air Capture presents to help organizations reduce their carbon footprint.”
“We are grateful to 1PointFive for their focused commitment to carbon removal and technology innovation to support this cause,” said Marcel Braithwaite, Senior Vice President Business Operations, Houston Astros. “We remain committed to continuous improvement of our stadium for our fans and purchasing carbon removal credits is an important investment for us.”
To learn more about 1PointFive, visit www.1PointFive.com.
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C 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. More at 1PointFive.com.
AIR TO FUELS™ is a registered trademark of Carbon Engineering Ltd.
This news release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental’s and its subsidiaries' carbon capture and sequestration hubs, which are based on Occidental’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Occidental does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.
These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental’s and its subsidiaries' ability to deploy DAC technology can be found in Occidental’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s securities.