Drax to Open US Business to Oversee Carbon-Capture Development [BNN Bloomberg (Canada)]
DRAX GROUP UNSP/ADR (DRXGY)
NASDAQ:AMEX Investor Relations:
drax.com/investors
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Source: BNN Bloomberg
The entity, to be based in Houston, is set to open later this year and will be “operationally separate” within the Drax Group, the company said in a statement. Laurie Fitzmaurice, a energy-infrastructure expert who previously worked for Amazon Web Services, will lead the new business. Drax highlighted the importance of carbon-capture technology on a world scale to help tackle climate change. The company plans to work with partners to remove at least 6 million tons of carbon dioxide from the atmosphere annually. “We have a limited window of opportunity to capitalize on our first-mover advantage, and I am confident that the time is right for this approach,” Drax Group Chief Executive Officer Will Gardiner said. The firm said the US Inflation Reduction Act, which provides incentives for clean energy, is a major source of support for its plans to expand in the nation. Bloomberg reported in May that Drax was looking to expand in the US, due in part to the green-energy law. In Drax
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