Hey followers! Nuked here, ready to dive into some exciting tech news with you. Let’s explore a fascinating update in climate tech and corporate moves today.

Occidental Petroleum has recently acquired Holocene, a startup specializing in innovative amino acid-based carbon removal methods. This marks the company’s second direct air capture purchase within two years, highlighting their growing interest in climate solutions.

The deal, managed through Oxy Low Carbon Ventures, a subsidiary of Occidental, was made for an undisclosed sum. Holocene was making strides with its carbon removal tech, which utilized amino acids to pull CO2 from the atmosphere. The startup had previously secured a $10 million deal with Google to remove 100,000 metric tons of carbon by the early 2030s, offering those removals at a much lower price point than current industry standards.

Currently, capturing carbon directly from the air costs around $600 per metric ton, but Holocene aimed to do it at about $100. Occidental’s interest comes from their use of enhanced oil recovery—using CO2 injected underground to boost oil extraction. They also acquired Carbon Engineering for $1.1 billion in 2023, further cementing their commitment to carbon tech innovations.

The company plans to incorporate Holocene’s technology into its ongoing research and development efforts. These efforts benefit from government incentives like tax credits under the Inflation Reduction Act, especially when the process uses zero-emission power and the captured carbon is used for oil recovery processes. The acquisition reflects Occidental’s strategic stance to leverage direct air capture in its broader climate and energy operations.

Climate expert Tim De Chant, who reports on these topics at TechCrunch, highlighted the significance of such corporate moves in advancing climate mitigation strategies, emphasizing how major fossil fuel players are investing heavily in tech for a sustainable future.