looking south

Greentown Labs names Colombia-owned energy co. as latest top-tier industry partner

Here's the latest global energy company to sign onto Greentown Labs. Photo via GreentownLabs.com

Greentown Labs has named its latest partner, opening a door to Colombia and South America.

Ecopetrol has joined Greentown as its newest Terawatt Partner, the highest level partner for the incubator. The company, which the Colombian government holds a majority ownership stake in, has integrated business across the hydrocarbon value chain, as well as low emission solutions and energy transmission.

"Accelerating the energy transition and fostering climate action is only possible through innovation, entrepreneurship, and meaningful partnerships," Ecopetrol's Chief Innovation Officer Agostinho João Ramalho Almeida says in a news release. "At Grupo Ecopetrol, we believe in joint efforts, orchestration, and access to technology to push barriers and increase value for our business and sustainability agenda. Partnering with Greentown Labs and working alongside industry leaders is an amazing opportunity to tackle common goals and challenges."

The company has a presence in several other locales throughout South and North America, per the release.

With the new partnership, Ecopetrol will have access to the Greentown community and events. Laura Tobón Díaz, head of innovation ecosystems and strategic partnerships for Ecopetrol, will serve on Greentown's Industry Leadership Council.

"Greentown is excited to partner with Ecopetrol, an energy company taking meaningful action on climate in collaboration with the Colombian government," Greentown CEO and President Kevin Knobloch says in the release. "We look forward to seeing our startups' climate technologies advance Ecopetrol's decarbonization efforts, as well as Ecopetrol sharing its energy expertise, connections, and resources with our entrepreneurs."

Earlier this year, TotalEnergies joined the incubator at the Terawatt level, and before that, GE Vernova was the latest top-level partner, joining last fall.

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A View From HETI

Here's 1PoinFive's newest customer on its Texas CCUS project. Photo via 1pointfive.com

Occidental Petroleum’s Houston-based carbon capture, utilization and, sequestration (CCUS) subsidiary, 1PointFive, has inked a six-year deal to sell 500,000 metric tons of carbon dioxide removal credits to software giant Microsoft.

In a news release, 1Point5 says this agreement represents the largest-ever single purchase of carbon credits enabled by direct air capture (DAC). DAC technology pulls CO2 from the air at any location, not just where carbon dioxide is emitted.

Under the agreement, the carbon dioxide that underlies the credits will be stored in a below-the-surface saline aquifer and won’t be used to produce oil or gas.

“A commitment of this magnitude further demonstrates how one of the world’s largest corporations is integrating scalable [DAC] into its net-zero strategy,” says Michael Avery, president and general manager of 1PointFive. “Energy demand across the technology industry is increasing, and we believe [DAC] is uniquely suited to remove residual emissions and further climate goals.”

Brian Marrs, senior director for carbon removal and energy at Microsoft, says DAC plays a key role in Microsoft’s effort to become carbon-negative by 2030.

The carbon dioxide will be stored at 1PointFive’s first industrial-scale DAC plant, being built near Odessa. The $1.3 billion Stratos project, which 1Point5 is developing through a joint venture with investment manager BlackRock, is designed to capture up to 500,000 metric tons of CO2 per year.

The facility is scheduled to open in mid-2025.

Aside from Microsoft, organizations that have agreed to buy carbon removal credits from 1Point5 include Amazon, Airbus, All Nippon Airways, the Houston Astros, the Houston Texans, and TD Bank.

Occidental says 1PointFive plans to set up more than 100 DAC facilities worldwide by 2035.

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