Occidental (Oxy)
Canvas Category OEM : Petroleum and Coal
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Pure Lithium Secures $15 Million in Series a Funding From Oxy Low Carbon Ventures
Pure Lithium, a disruptive Boston-based lithium metal battery technology company, is pleased to announce the completion of a $15 million investment from Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (Oxy) that is focused on advancing cutting-edge, low-carbon technologies and business solutions. OLCV acted as the lead investor in Pure Lithium’s Series A equity financing, which may raise up to an additional $15 million for a proposed total funding amount of $30 million.
“This significant capital infusion will allow Pure Lithium to accelerate our development and commercialization efforts. The validation of our technology by OLCV is very meaningful for us, and we look forward to their contributions.”
Occidental Enters into Agreement to Acquire Direct Air Capture Technology Innovator Carbon Engineering
Occidental (NYSE: OXY) today announced that a wholly owned subsidiary has entered into a definitive purchase agreement to acquire all the outstanding equity of Carbon Engineering Ltd. for total cash consideration of approximately $1.1 billion, to be made in three approximately equivalent annual payments, with the first at closing. This transaction is expected to close before the end of 2023, subject to Canadian court reviews, Canadian and U.S. regulatory approvals and other customary closing conditions.
Occidental has been working with Carbon Engineering on direct air capture (DAC) deployment since 2019. Acquiring Carbon Engineering aligns with Occidental’s integrated net-zero strategy and provides Occidental, through its 1PointFive subsidiary, the opportunity to rapidly advance DAC technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution. Carbon Engineering’s DAC-based climate solutions utilize standardized processes and proven industrial equipment.