California Resources Corporation, and its carbon management business, Carbon TerraVault, announced the signing of a Memorandum of Understanding (MOU) with Net Power Inc., to develop Net Power’s ultra-low emission power plants in California.

California Resources Corporation (CRC) and its carbon management business, Carbon TerraVault, announced the Kern County Board of Supervisors’ unanimous approval of the conditional use permit for the Carbon TerraVault I (CTV I) carbon capture and storage project. This permit authorizes the construction activities necessary for the development of the project, which would be the first of its kind in California.

Colorado School of Mines and Carbon TerraVault Holdings, LLC announced the award of $8.9 million from the U.S. Department of Energy (DOE) for a Carbon Storage Assurance Facility Enterprise (CarbonSAFE) project in California.

California Resources Corporation announced the signing of a definitive merger agreement to combine with Aera Energy, LLC in an all-stock transaction. The transaction values Aera at approximately $2.1 billion, inclusive of Aera’s net debt and certain other obligations1, and is expected to be immediately accretive.

California Resources Corporation and its carbon management business, Carbon TerraVault, announced that the U.S. EPA released draft Class VI well permits for underground CO2 injection and storage in CTV’s 26-R reservoir located within the CTV I CCS vault at the Elk Hills Field in Kern County, California.

The third quarter update from Carbon TerraVault includes an announcement regarding the first fully integrated capture to storage CO2 project at Elk Hills and a new storage only CDMA with NLC Energy.

Carbon TerraVault Holdings announced that the California Direct Air Capture Hub has been selected to receive $11.8M in funding from the U.S. DOE under its Regional DAC Hubs Initiative.