The Rising Influence of Rising Affluence

[Titan V]

Oil majors bet on turning air into jet fuel

Oil majors bet on turning air into jet fuel https://t.co/NBbcy8lHV4

— Financial Times (@FT) January 9, 2019

Oil majors Chevron and Occidental Petroleum are taking a minority stake in a Canadian start-up that has developed technologies to suck carbon dioxide directly from the atmosphere and use it to make synthetic fuel.

The deal marks the first significant investment by energy groups into the technology, known as direct air capture, which pulls carbon dioxide from the atmosphere by using chemicals and fans.

Carbon Engineering, a Bill Gates-backed start-up based in Squamish, British Columbia, said the new investment was part of a $60m fundraising round that would help it design and build commercial-scale plants. The company has not disclosed its valuation.

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Carbon Engineering also uses carbon dioxide to produce synthetic fuels that can substitute for gasoline, jet fuel or marine fuel and be used in the same engines without modification, according to the company.