Cemvita Factory and Oxy Low Carbon Ventures Announce Investment Agreement to Advance Innovative Low-Carbon Technology
Cemvita Factory, which is engineering a portfolio of CO2 conversion microorganisms, hopes to create economical solutions for a sustainable future with the investment
Thursday, August 15, 2019 5:30PM EST
HOUSTON — August 15, 2019 — Cemvita Factory and Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental, today announced that they have reached an investment agreement. OLCV’s investment will advance the development of new bio-engineered pathways that use CO2 as feedstock for sustainable production of intermediate chemicals and polymers.
Cemvita Factory is a Houston-based biotechnology startup focused on creating economical solutions for a sustainable future. The company’s technology includes a CO2 utilization platform that mimics photosynthesis and other natural processes to produce industrial chemicals and polymers for energy sustainability.
"One of OLCV’s strategic priorities is to develop and commercialize CO2 utilization technologies that complement Occidental’s core businesses and product lines, with the goal of helping Occidental find value in new markets and attain its aspiration of becoming carbon neutral,” OLCV President Richard Jackson said. "Cemvita Factory’s CO2 utilization platform has the potential to harness the power of nature and create new, sustainable pathways for the bio-manufacturing of our products.”
"With the investment received from Oxy Low Carbon Ventures, we plan to demonstrate that our technology can economically scale from test tube to the field," said Moji Karimi, co-founder and CEO of Cemvita Factory. "We have an ambitious goal to take one gigaton of CO2 out of the carbon cycle by 2050 and are very excited about being a part of Occidental's journey to become a carbon-neutral company," said Tara Karimi, co-founder and Chief Scientist.
Cemvita Factory’s bio-manufacturing platform mitigates emissions resulting from traditionally energy-intensive chemical and catalytic conversion processes by operating under ambient temperature and pressure. This same technology is able to turn polymer production into a low carbon activity by utilizing CO2 as a feedstock, a crucial step in building a circular carbon economy. Cemvita Factory is currently working with a number of clients in the energy industry to help them use CO2 as a resource to lower their carbon footprint.
About Cemvita Factory
Cemvita Factory, INC (CF), is on a mission to create a sustainable future by transforming CO2 into value-added products. This conversion platform leverages the biomimicry of natural processes to sustainably produce chemicals and polymers.
About Oxy Low Carbon Ventures (OLVC)
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental, an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Occidental’s global strategy includes active investment in carbon dioxide enhanced oil recovery (CO2-EOR) and carbon capture, utilization and storage (CCUS), as well as other emissions reducing technologies. OLCV capitalizes on Occidental’s EOR leadership by developing CCUS projects that source anthropogenic CO2 and promotes innovative technologies that drive cost efficiencies and economically grows Occidental’s business while reducing emissions.
Cautionary Statement Regarding Forward-Looking Statements
Any statements in this release relating to expectations, beliefs, plans or forecasts, including any statements relating to the success, capability or scalability of the technology and the advancement of carbon neutrality, that are not historical facts are forward-looking statements. These statements are typically identified by words such as "potential,” "will,” "would,” "should,” "may,” "plan,” "believe,” "expect,” "designed to,” "target,” "effort” or similar expressions that convey the prospective nature of events or outcomes. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual results may differ from anticipated results, sometimes materially, and reported or expected results should not be considered an indication of future performance. Factors that could cause actual results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for carbon capture and sequestration technologies; the competitiveness of alternative energy sources or product substitutes; higher-than-expected costs; the regulatory environment; availability of funding, personnel and materials; litigation; actions by third parties; failures in risk management; and changes in laws, regulations or tax rates. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligations to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect the results of Occidental and its subsidiaries appear in Part I, Item 1A "Risk Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2018, and in Occidental’s other filings with the SEC.