Houston-based 1PointFive, subsidiary of Occidental Petroleum, said Tuesday that JPMorganChase purchased 50,000 metric tons of carbon dioxide removal credits over 10 years enabled by direct air capture. The CDR credits for JPMorganChase will be produced from STRATOS, 1PointFive’s first DAC facility in Texas that is scheduled to start this year. STRATOS is under construction in Ector County in Permian Basin.
Michael Avery, president and general manager of 1PointFive, said, “Momentum from CDR buyers helps us move the technology forward and build infrastructure that creates economic opportunities in the U.S.” Taylor Wright, head of operational decarbonization for JPMorganChase, added, “With STRATOS set to be commercially operational this year, JPMorganChase is proud to support large scale deployment of DAC technology.”