Climate Startup Signs CO2 Deals With Three U.S. Oil Producers

AI Summary

The climate startup Spiritus has signed preliminary agreements to supply captured CO2 to three U.S. oil producers for enhanced oil recovery projects. This shift from solely carbon capture to sales indicates adaptation to regulatory uncertainty and federal incentive cuts.

Cuts to U.S. federal incentives for carbon capture projects and an uncertain regulatory environment going forward have prompted some start-ups to move from solely capturing and storing carbon dioxide to selling it to oil companies to help them boost oil recovery.   Carbon management engineering company Spiritus, for example, has recently signed preliminary agreements with three U.S. oil and gas producers to sell them the captured CO2 for enhanced oil recovery (EOR).  The injection of CO2 into reservoirs could help unlock an additional…