Equatic, a startup that removes carbon dioxide from the ocean, on Wednesday announced a "pre-purchase option" agreement with Boeing under which the aerospace giant will buy 62,000 metric tons of CO2 removal credits from the company.

Equatic will also deliver 2,100 mt of green hydrogen to Boeing, the company said in a news release.

No financial details were disclosed.

Equatic uses seawater, air, rock and renewable electricity to remove and store CO2 while simultaneously generating carbon-negative hydrogen.

The company currently operates two pilots in Los Angeles and Singapore, and all of the CO2 being removed from those projects have been pre-sold.

Equatic expects its CO2 removal capacity to reach 100,000 mt/year by 2026. It also projects that the removal cost will fall below $100/mt by 2028.

The Los Angeles-based company was spun out of the UCLA Samueli School of Engineering's Institute for Carbon Management.

Boeing has pledged to reach net zero emissions by 2050 or sooner.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Abdul Latheef, alatheef@opisnet.com; Editing by Jeremy Rakes, jrakes@opisnet.com

(END) Dow Jones Newswires

May 31, 2023 13:02 ET (17:02 GMT)

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