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Press Release06 March 2023Siemens EnergyHouston, TX
World’s first large-scale direct air capture plant to use Siemens Energy equipment
Siemens Energy will supply a motor-driven 13,000 horsepower
(hp) fully modular wet gas compressor package and a motor-driven 8,500 hp dry
gas compressor for the DAC plant. The equipment will compress the captured CO2
for additional processing and pressurize the final product into a pipeline for
injection into underground reservoirs.
1PointFive’s plant is expected to provide practical solutions that hard-to-decarbonize industries can use to help achieve net zero. Captured carbon dioxide can be safely sequestered deep underground in saline formations or used to produce hydrocarbons to enable lower-carbon or net-zero transportation fuels and in products like chemicals and building materials.
Siemens Energy President and CEO Christian Bruch commented on the collaboration
saying, “We are honored to be part of such an important
project. Technologies to effectively capture and sequester CO2 will
be a necessity if we want to achieve our climate goals. Close partnerships with
partners like Occidental are the base to scale up innovative solutions.”
“We are leveraging Oxy’s core competence in carbon management
to capture and sequester atmospheric carbon dioxide to help meet the goals of
the Paris Agreement and reduce emissions globally,” said Vicki Hollub,
President and CEO, Occidental. “Our first Direct Air Capture plant will advance
industrial-scale carbon capture to provide a solution to help Oxy and others
accelerate their respective paths to net zero.”
Policy incentives, such as the Inflation Reduction Act, are accelerating
DAC technology as a climate solution to help organizations reduce their CO2
emissions.
Forward-Looking Statements
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' deployment and use of DAC
technology, 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.
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Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 92,000 people worldwide in more than 90 countries and generated revenue of €29 billion in fiscal year 2022.
Occidental is an international energy company with assets primarily in the United States, the Middle East, and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.