Occidential-backed Oxy Low Carbon Ventures completed the acquisition of a stake in Cemvita Factory for $40m.

Occidential-backed Oxy Low Carbon Ventures, an international oil and gas exploration and production company, completed the acquisition of a stake in Cemvita Factory, a Biotech Research startup fixed on fighting climate change through economic carbon negative solutions, for $40m. "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. 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," Richard Jackson, OLCV President.