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Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), and TAE Technologies, a global leader in fusion energy development, announced they have signed a memorandum of understanding to explore commercial opportunities that use TAE’s fusion technology to provide emissions-free power and heat for Direct Air Capture (DAC) facilities.
Fusion technology has the potential to deliver emissions-free, continuous and on-demand energy to complement Occidental’s existing zero or very-low emissions approach for DAC power and heat requirements. Occidental anticipates a variety of energy sources will be needed including solar, NetPower and potentially other forms of renewables depending on the location and future DAC technology development.
Through the agreement, TAE Technologies can explore demonstrating the reliability, cost savings and safety of their TAE Power Solutions power management systems in a high utilization commercial setting.
“Collaborating with TAE Technologies is an opportunity to build on Occidental’s portfolio of clean power sources that can provide our Direct Air Capture facilities with reliable, emissions-free energy,” said Frank Koller, Vice President, Power Development, Oxy Low Carbon Ventures. “Fusion is a promising technology that advances our efforts to explore sustainable energy sources as we progress with commercializing large scale Direct Air Capture as a critical climate solution.”
“Oxy Low Carbon Venture’s desire for emissions-free energy makes this the perfect moment to explore the deployment of our commercial-ready power management products, while the growing demand for large-scale power generation can be served by our future fusion offerings,” said Michl Binderbauer, CEO, TAE Technologies. “We are thrilled to work toward achieving these ambitious goals and demonstrate the benefits of our technologies to other high-power users.”
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TAE’s fusion technology works by combining (or fusing) the light nuclei of elements such as hydrogen to produce energy. The energy release is managed by producing steam, which spins a turbine that drives an electric generator producing a reliable supply of clean energy or used as-is to provide clean heat.