Oxy backs Houston startup's carbon dioxide-transforming technology
A Houston startup's carbon dioxide conversion technology has impressed Occidental Petroleum's low carbon subsidiary.
Oxy Low Carbon Ventures LLC has invested an undisclosed amount of funds into Cemvita Factory, the companies announced on August 15.
"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," says Richard Jackson, OLCV president, in a news release. "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."
Cemvita was founded by two siblings — Moji Karimi, who has a background in the oil and gas industry, and his sister, Tara, who has a background in biotech. Cemvita's biotechnology can replicate photosynthesis — absorbing CO2 and transforming it into glucose or other substances.
While the amount invested in Cemvita isn't disclosed, Moji previously told InnovationMap that he could run a custom pilot program for an energy company for less than $100,000.
"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," Moji, who is the company's CEO, says in the release.
According to the release, Cemvita has a network of clients it is working with to reduce the industry's carbon footprint.
"We have an ambitious goal to take one gigaton of CO2 out of the carbon cycle in the next decade and are very excited about being a part of Occidental's journey to become a carbon-neutral company," says Tara, co-founder and chief scientist, in the release.