1PointFive, a company specializing in carbon capture, utilization, and sequestration (CCUS), announced that Bain & Company has agreed to purchase 9,000 metric tons of carbon dioxide removal (CDR) credits over three years. The credits are enabled by Direct Air Capture (DAC) technology and represent Bain’s first purchase of DAC-based removal credits as part of its efforts to address residual operational emissions and meet its net negative commitment. According to the companies, removing 9,000 tons of CO2 is comparable to the emissions produced by approximately 10,000 long-haul roundtrip flights for an economy-class passenger.
The CDR credits will be generated at STRATOS, 1PointFive’s large-scale DAC facility in Texas. This facility is currently in the process of starting up operations. As a subsidiary of Occidental, 1PointFive utilizes more than five decades of experience in carbon management and major project execution to deliver commercial-scale DAC solutions. The captured CO2 associated with these credits will be stored through geologic sequestration.
Anthony Cottone, President and General Manager of 1PointFive, said: “Collaborating with Bain & Company reflects our shared commitment to innovation and the importance of accelerating the adoption of Direct Air Capture technology. We believe this agreement demonstrates continued momentum for the solution while supporting the development of vital domestic infrastructure.”
Bain & Company has maintained a program for sourcing carbon credits that includes various CDR technologies and has been active in the voluntary carbon market. Over the past five years, Bain has invested in 1.1 million tonnes of high-integrity carbon removal credits.
Sam Israelit, Chief Sustainability Officer at Bain & Company, stated: “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.”
1PointFive offers integrated CCUS solutions aimed at helping organizations manage their carbon dioxide emissions through facilities like direct air capture plants and geologic sequestration hubs. It operates as a subsidiary under Occidental.
Bain & Company is a global consulting firm operating across 65 cities in 40 countries. The firm focuses on partnering with clients for organizational transformation and maintains initiatives related to environmental sustainability among other areas.
Occidental noted that statements about future performance or benefits from this agreement are forward-looking and subject to risks such as technological feasibility, regulatory approvals, access to capital, collaboration challenges, market conditions, geopolitical events, and scientific developments. Further details can be found on Occidental’s website or via filings with the U.S. Securities and Exchange Commission.
