Why Oxy's Acquisition of Holocene Signals A Maturing Carbon Removal Industry

  • Occidental Petroleum recently acquired Holocene, a young DAC startup with a novel take on liquid sorbents.
  • Holocene had only raised about $6 million in grant funding and pre-purchase agreements. However, it landed a headline acquisition thanks to promising tech, a liquid sorbent system that captures CO2 using amino acids, offering the promise of lower-temperature regeneration and lower-cost carbon removal.
  • The presence of a marquee client in Google, which agreed to pay $100 per ton to remove 100,000 tons of CO2, also facilitated this acquisition.
  • This transaction is indicative of a broader shift: the end of the DAC startup boom and the beginning of a consolidation era.

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