Website: [carbonengineering.com](https://carbonengineering.com) ### Introduction Carbon Engineering Ltd. is a Canadian clean energy company founded in 2009 by David Keith, a professor at Harvard University known for his work on climate science and geoengineering. Headquartered in Squamish, British Columbia, Canada, the company focuses on developing and commercializing Direct Air Capture (DAC) technology to remove carbon dioxide (CO2) directly from the atmosphere. While specific employee counts are not publicly available in the latest data, Carbon Engineering has grown into a notable player in the carbon capture and removal industry, supported by significant investments and partnerships. Its mission is to provide scalable, cost-effective solutions for carbon removal to help mitigate climate change and achieve net-zero emissions goals globally. The company is privately held and does not have a public ticker symbol. In August 2023, it was acquired by Occidental Petroleum (Oxy), a major energy company, in a strategic move to integrate DAC technology into broader carbon management and net-zero strategies [Oxy News Release](https://www.oxy.com/news/news-releases/occidental-enters-into-agreement-to-acquire-direct-air-capture-technology-innovator-carbon-engineering/). This acquisition has positioned Carbon Engineering as a key component of Oxy’s low-carbon ventures, enhancing its capacity to scale DAC projects worldwide. ### Key Products and Technology Carbon Engineering specializes in Direct Air Capture technology, which captures CO2 from ambient air for permanent storage or utilization. Below is an overview of its primary technology offerings: - **Direct Air Capture (DAC) System** - **Type**: Carbon capture technology - **Technical Specifications**: The DAC system uses large-scale fans to pull air through a liquid solvent that binds with CO2. The captured CO2 is then released through a chemical process and can be stored underground or converted into synthetic fuels. The system is designed to capture up to 1 million metric tons of CO2 per year per facility at full commercial scale, though exact energy efficiency metrics vary by deployment and energy source. - **Fuel Type or Energy Source**: Requires significant energy input, ideally from renewable sources like solar or wind to ensure net-negative emissions. Pilot plants have used natural gas with carbon capture for process heat, but the goal is to transition to zero-carbon energy. - **Key Differentiators**: Carbon Engineering’s DAC technology is notable for its scalability and cost-reduction focus, targeting costs below $100 per ton of CO2 captured at scale. Its proprietary solvent and process design aim to optimize energy use compared to early DAC systems. - **Development Stage**: Operational at pilot scale; a demonstration plant in Squamish, BC, has been running since 2015, capturing about 1,000 tons of CO2 annually. Commercial-scale facilities are in the design and construction phase, with the first major project (STRATOS) under development in Texas. - **Target Customers**: Governments, industrial sectors (e.g., oil and gas, aviation), and corporations seeking carbon offsets or net-zero compliance. - **Air to Fuels (A2F) Technology** - **Type**: Carbon utilization technology - **Technical Specifications**: Converts captured CO2 into synthetic fuels (e.g., diesel, jet fuel) using hydrogen derived from renewable energy. Specific output capacities depend on integration with DAC facilities and energy availability. - **Fuel Type or Energy Source**: Relies on renewable electricity for hydrogen production to maintain low-carbon credentials. - **Key Differentiators**: Offers a pathway to decarbonize hard-to-abate sectors like aviation by producing drop-in fuels from atmospheric CO2, creating a closed carbon loop. - **Development Stage**: Early commercial demonstration; integrated with DAC pilot in Squamish since 2017, producing small volumes of synthetic fuel. - **Target Customers**: Aviation and transportation industries, as well as energy companies seeking sustainable fuel alternatives. ### Regulatory and Licensing Status As a DAC technology provider, Carbon Engineering does not fall under nuclear regulatory oversight like the Nuclear Regulatory Commission (NRC), but it operates within environmental and energy regulatory frameworks. In the United States, its projects benefit from supportive policies under the Bipartisan Infrastructure Law and Inflation Reduction Act, which provide funding and tax incentives (e.g., 45Q tax credit) for carbon capture and storage [DOE.gov](https://www.energy.gov). Key regulatory milestones include: - Approval for environmental permits related to its STRATOS DAC facility in Texas, which is being developed with Oxy and received backing from the U.S. Department of Energy (DOE) as part of the DAC Hubs program. - Compliance with Canadian environmental regulations for its pilot operations in British Columbia, demonstrating safe CO2 handling and storage. - Upcoming milestones involve securing final permits for commercial-scale DAC plants and aligning with international carbon accounting standards for carbon removal credits. The estimated timeline for first commercial deployment at full scale is 2024-2025, with the STRATOS facility in Permian Basin, Texas, expected to begin operations capturing up to 500,000 tons of CO2 annually in this timeframe, scaling to 1 million tons thereafter [Oxy News Release](https://www.oxy.com/news/news-releases/). ### Team and Leadership Carbon Engineering’s leadership team combines expertise in climate science, engineering, and energy business development. Key figures include: - **Steve Oldham, CEO**: With over 30 years of experience in technology and energy sectors, Oldham has led Carbon Engineering since 2018, focusing on commercialization and scaling DAC technology. Previously, he held executive roles at technology firms like Navman Wireless. - **David Keith, Founder and Board Member**: A professor at Harvard University, Keith is a pioneer in carbon capture and geoengineering research. He founded Carbon Engineering to translate academic insights into practical climate solutions. - **Susan Koch, COO**: Oversees operations and project execution, with a background in engineering and large-scale industrial projects. Specific X handles for leadership are not verified or publicly listed in accessible data, so they are omitted here. ### Funding and Financial Position Carbon Engineering has raised significant funding over its history, though exact totals are not fully disclosed post-acquisition. Key financial details include: - Pre-acquisition funding included over $100 million from investors like Bill Gates, Chevron Technology Ventures, and BHP, with a notable $68 million Series A round in 2019 to scale operations. - In August 2023, Occidental Petroleum acquired Carbon Engineering for a reported $1.1 billion, integrating it into Oxy’s Low Carbon Ventures division [Oxy News Release](https://www.oxy.com/news/news-releases/). - Post-acquisition, financial support comes from Oxy’s balance sheet and access to DOE funding, including awards under the $3.5 billion DAC Hubs program for projects like STRATOS [DOE.gov](https://www.energy.gov). - Revenue status: Pre-revenue at commercial scale, though it has generated income from pilot operations and carbon credit sales (e.g., to Shopify, which purchased 10,000 tons of carbon removal in 2021 as noted in posts on X). Full commercial revenue is expected with STRATOS operations in 2024-2025. ### Recent News and Developments | Date | Event | Details | |---------------|--------------------------------|--------------------------------------------------------------------------------------------------| | Dec 19, 2025 | Industry Funding Trends | Posts on X highlight continued investment in DAC, with Bill Gates funding competitor Deep Sky for $40 million in Alberta, signaling growing sector interest. | | Aug 15, 2023 | Acquisition by Occidental | Occidental Petroleum acquired Carbon Engineering for $1.1 billion to accelerate DAC deployment [Oxy News Release](https://www.oxy.com/news/news-releases/). | | Aug 11, 2023 | DOE DAC Hubs Funding | Carbon Engineering’s STRATOS project in Texas received support under DOE’s $1.2 billion DAC Hubs initiative [DOE.gov](https://www.energy.gov). | | Jan, 2023 | STRATOS Project Advancement | Oxy and Carbon Engineering broke ground on STRATOS, targeting 500,000 tons CO2 capture annually by 2025 in Permian Basin. | | Jan, 2023 | Partnership Expansion | Continued collaboration with Oxy to develop additional DAC facilities globally, leveraging acquisition momentum. | Note: Some 2025 data is speculative or based on sentiment from X posts due to limited confirmed events for the current year. Historical data is sourced from official releases. ### Partnerships and Collaborations - **Occidental Petroleum (Oxy)**: Post-acquisition, Oxy is the primary strategic partner, providing capital and infrastructure (e.g., Permian Basin geology for CO2 storage) to scale DAC projects like STRATOS. This partnership enhances deployment speed and integrates DAC with enhanced oil recovery (EOR) and permanent storage. - **Shopify**: Early carbon credit purchaser, committing to 10,000 tons of CO2 removal in 2021, demonstrating market demand for DAC credits among tech firms seeking net-zero goals (noted in posts on X). - **Chevron Technology Ventures**: Pre-acquisition investor and technology partner, supporting R&D and potential integration with energy operations. - **U.S. Department of Energy**: Through the DAC Hubs program, provides funding and validation for commercial-scale projects, aligning Carbon Engineering with national climate goals [DOE.gov](https://www.energy.gov). ### New Hampshire Relevance Carbon Engineering’s DAC technology has limited direct relevance to [[New Hampshire]]’s energy infrastructure in its current form, as it focuses on carbon removal rather than power generation or direct integration with nuclear facilities like [[Seabrook Station]] or the ISO-NE grid. However, potential fits include: - **Proximity to Infrastructure**: New Hampshire’s location in the Northeast offers access to industrial and tech sectors that could purchase carbon credits from DAC facilities, though no projects are planned in the region. - **Technology Readiness**: With commercial deployment expected by 2025, Carbon Engineering’s technology could theoretically support NH’s carbon neutrality goals (e.g., under legislative initiatives like HB 710) in the medium term, but deployment timelines do not align with immediate needs. - **Alignment with [[Legislation]]**: NH’s focus on clean energy and SMRs under recent bills does not directly match DAC’s scope, though broader net-zero policies could create demand for carbon removal credits. - **Potential Applications**: Could offset emissions from data centers or industrial facilities in NH, though high energy requirements for DAC may strain local grids unless paired with renewables. - **NH Connections**: No specific ties to NH or expressed interest in the Northeast US are evident in current data; focus remains on Texas and Western regions with favorable geology for CO2 storage. ### Competitive Position Carbon Engineering competes with other DAC pioneers like Climeworks and Global Thermostat. Compared to Climeworks, which operates smaller-scale plants (e.g., Mammoth in Iceland) with a focus on modular design, Carbon Engineering emphasizes large-scale, centralized facilities targeting lower costs per ton. Global Thermostat, meanwhile, focuses on industrial integration and lower energy use, posing a risk if Carbon Engineering’s energy-intensive process delays cost parity. Carbon Engineering’s advantage lies in its acquisition by Oxy, providing unmatched financial and infrastructural backing, though it faces risks from high operational costs and reliance on renewable energy availability for true net-negative impact. ### Closing Note Carbon Engineering is at a pivotal stage, transitioning from pilot to commercial-scale DAC deployment with strong backing from Occidental Petroleum, poised for significant impact on global carbon removal efforts by 2025. (Note: No official RSS feed for Carbon Engineering press releases or news was identified on their website or through accessible public data.) *Report generated December 24, 2025*