Drax to Open US Business to Oversee Carbon-Capture Development [Financial Post (Toronto, Ontario, Canada)]
DRAX GROUP UNSP/ADR (DRXGY)
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Source: Financial Post
Author of the article: (Bloomberg) — Drax Group Plc plans to start a US-based business to oversee construction and development of its new carbon-capture plants worldwide. 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. Article content Article content 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 i
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