Join our daily newsletter At The Bell to receive exclusive market insights
- Worley (WOR) has been awarded its first front-end engineering design contract by 1PointFive for a direct air capture unit
- 1PointFive is a joint venture between Oxy Low Carbon Ventures and Rusheen Capital, which is developing direct air capture technology to remove carbon dioxide from the atmosphere
- 1PointFive’s facility will be the first commercial-scale development using Carbon Engineering’s direct air capture technology
- Each unit is expected to extract one million metric tons of atmospheric carbon dioxide annually
- Upon completion of the design, the two companies will form an alliance and move into the engineering, procurement and construction phase
- Worley shares are up 3.13 per cent, trading at $10.87
Worley (WOR) has been awarded its first front-end engineering design contract by 1PointFive for a direct air capture unit.
1PointFive is a joint venture between Oxy Low Carbon Ventures and Rusheen Capital, which is developing direct air capture (DAC) technology to remove carbon dioxide from the atmosphere.
The facility will be the first commercial-scale development using Carbon Engineering’s DAC technology.
Each DAC unit is expected to extract one million metric tons of atmospheric carbon dioxide annually.
Upon completion of the design, the two companies will form an alliance and move into the engineering, procurement and construction phase, with two more phases to follow.
The front-end engineering design services will be led by Worley’s Houston office, with support from its Global Integrated Delivery team in India.
“We are delighted to have been awarded the FEED contract and we are looking forward to forming the alliance with 1PointFive,” said Worley CEO Chris Ashton.
“This direct air capture project is a starting point for the deployment of commercial-scale DAC to help companies meet CO2 emission reduction targets and aligns with Worley’s strategic focus of delivering a more sustainable world,” he added.
Worley shares are up 3.13 per cent, trading at $10.87 at 2:35 pm AEDT.
