Terms
- Announced
- 12 Sept 2024
- Instrument
- Grants
- Amount
- US$50.0mReported as US$50 million initial award (of up to US$500 million)
- Source
- 1pointfive.com
Parties
- Project developer
- 1PointFive
- Country
- United States
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis U.S. Department of Energy (OCED) Grantor US$50.0m Sole provider: the whole transaction
Carbon
- Pathway
- DAC
- Backed by offtakes from
- Airbus
- Bain & Company
- Lufthansa Group
- Microsoft
- NYK Line
- Pension Insurance Corporation
What happened
- The US Department of Energy's Office of Clean Energy Demonstrations awarded 1PointFive funding for the South Texas Direct Air Capture Hub: up to US$500 million for the initial facility, potentially increased to US$650 million for an expanded regional carbon network, provided in multiple tranches. The initial award of US$50 million advances engineering, permitting, long-lead equipment procurement and community engagement. 1PointFive was first selected for award negotiations on 11 August 2023, with no project-specific dollar figure published then.
Kumo note
- - A first tranche of a milestone-paid federal award: the US$50m initial award is the amount awarded now, inside a total of up to US$500m for the initial facility. - Funds engineering, permitting and long-lead equipment for a plant designed to capture up to 1 million tonnes of CO2 a year.
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