1PointFive, a carbon capture, utilization and sequestration (CCUS) company announced today that Bain & Company purchased 9,000 metric tons of carbon dioxide removal (CDR) credits over three years enabled by Direct Air Capture (DAC). The agreement is Bain’s first purchase of DAC removal credits as a solution to address residual operational emissions and meet its current net negative commitment. For context, 9,000 tons of removed CO2 is equivalent to the emissions resulting from an estimated 10,000 long-haul roundtrip flights for an economy-class passenger.
The CDR credits will be produced from STRATOS, 1PointFive’s large-scale DAC facility in Texas that is progressing through start-up activities. As a subsidiary of Occidental, 1PointFive is leveraging more than 50 years of carbon management expertise and major projects experience to deliver commercial-scale DAC. The captured carbon dioxide underlying the CDR credits will be stored through durable geologic sequestration.
'Collaborating with Bain & Company reflects our shared commitment to innovation and the importance of accelerating the adoption of Direct Air Capture technology,' said Anthony Cottone, President and General Manager of 1PointFive. 'We believe this agreement demonstrates continued momentum for the solution while supporting the development of vital domestic infrastructure.'
Bain, whose award-winning carbon credit sourcing program includes a diverse set of CDR technologies, has long been a leading supporter of the voluntary carbon market. They have invested in 1.1 million tonnes of high-integrity carbon removal credits over the past five years.
Sam Israelit, Bain’s Chief Sustainability Officer, said, 'We are proud to partner with 1PointFive and add them to our portfolio of engineered carbon removal technologies. Their track record for developing DAC technology coupled with their deep understanding of what it takes to deliver large-scale infrastructure projects uniquely positions them to be a leader in this emerging segment.'
About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that offers integrated solutions to help organizations unlock value from addressing carbon dioxide emissions. Through large-scale Direct Air Capture facilities and geologic sequestration hubs, we are working to deliver durable carbon dioxide removal and storage while enabling the development of low-carbon products and fuels.1PointFive is a subsidiary of Occidental. For more information, visit 1PointFive.com.
Source: 1PointFive
