Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), and TAE Technologies, a leading innovator in fusion energy, have signed a memorandum of understanding to investigate commercial applications of TAE’s fusion technology for providing emissions-free power and heat to Direct Air Capture (DAC) facilities.
“Collaborating with TAE Technologies is an opportunity to build on Occidental’s portfolio of clean power sources that can provide our Direct Air Capture facilities with reliable, emissions-free energy,” said Frank Koller, Vice President, Power Development, Oxy Low Carbon Ventures. “Fusion is a promising technology that advances our efforts to explore sustainable energy sources as we progress with commercializing large scale Direct Air Capture as a critical climate solution.”
Fusion technology offers the promise of delivering clean, continuous, and on-demand energy, aligning with Occidental’s commitment to utilizing zero or very-low emissions energy sources for DAC power and heating needs. Occidental expects that a mix of energy sources, including solar, NetPower, and potentially other renewable options, will be necessary based on the location and advancements in DAC technology.
“Oxy Low Carbon Venture’s desire for emissions-free energy makes this the perfect moment to explore the deployment of our commercial-ready power management products, while the growing demand for large-scale power generation can be served by our future fusion offerings,” said Michl Binderbauer, CEO, TAE Technologies. “We are thrilled to work toward achieving these ambitious goals and demonstrate the benefits of our technologies to other high-power users.”
Under this agreement, TAE Technologies will have the opportunity to demonstrate the reliability, cost-effectiveness, and safety of their TAE Power Solutions power management systems in a high-demand commercial environment.
Direct air capture has faced criticism from some quarters saying the renewable energy required to power the CO2 removal process should instead be directly used for decarbonizing the grid.
Read more: BlackRock Invests $550M In Occidental Direct Air Capture Plant
