Carbon TerraVault

What Carbon TerraVault does

Carbon TerraVault (CTV) is the carbon management business of California Resources Corporation (CRC), providing end-to-end carbon capture and storage (CCS) services to industrial CO2 emitters in California. The company's core technology involves capturing CO2 from industrial sources, transporting it, and permanently injecting it into depleted underground reservoirs for secure storage. CTV's operational flagship is CTV I, which achieved California's first CO2 injection in May 2026 at the 26R reservoir in CRC's Elk Hills Field in Kern County, making it the first operational CCS project in the state. The company holds a large majority of EPA Class VI well permit applications on file in California and operates a development portfolio that includes Aera DAC Hub-Kern, CalCapture, California DAC Hub, and CarbonFrontier, covering both point-source capture and Direct Air Capture (DAC).

In August 2022, CRC formed the Carbon TerraVault Joint Venture with Brookfield Renewable (51% CRC, 49% Brookfield), securing a $500 million capital commitment through the Brookfield Global Transition Fund (BGTF) for CCS project development in California. CTV generates revenue through long-term managed-service storage contracts with industrial CO2 emitters requiring decarbonization, distributed via direct enterprise field sales to California-based industrial facilities. The primary customer segment is industrial CO2 emitters in California that must meet carbon neutrality targets. The operating model is B2B enterprise sales with contract structures tailored to individual customer requirements; pricing is not publicly disclosed. All operations are currently concentrated in California, with a 19-person team and a Bakersfield operations center supporting field activities at Elk Hills.

Name

Carbon TerraVault

Legal name

California Resources Corporation

Website

https://carbonterravault.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Carbon TerraVault is the carbon management business of California Resources Corporation, providing end-to-end CO2 capture, transport, and permanent underground storage services to industrial emitters in California. It operates California's first operational CCS project at Elk Hills Field, with a Brookfield-backed JV and a multi-project CCS/DAC development portfolio.

Ownership category

akta.pro rank

Product category

Carbon Capture and Storage Services

NAICS

Remediation and Other Waste Management Services (5629)

akta.pro primary industry

CO₂ Storage Site Development & Permitting (Characterization, Licensing, Stakeholder Engagement) (EUABAHAF)

akta.pro secondary industries

Carbon Removal Project Development, Financing & Offtake (Developers, Aggregators, Buyers Clubs) (EUABAFAL), CO₂ Storage Closure & Long-Term Stewardship (Post-Closure Monitoring, Liability Transfer) (EUABAHAL)

Keywords

• Carbon capture storage
• Direct air capture
• Industrial decarbonization
• CO2 sequestration services
• Underground CO2 storage

Headquarters

HQ city

Bakersfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Carbon Capture and Storage Services: CTV provides CO2 capture, transport, and storage services to industrial customers. Revenue is generated through long-term storage contracts with industrial CO2 emitters requiring decarbonization solutions. Services include safely injecting CO2 into depleted underground reservoirs for permanent storage.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Carbon TerraVault provides end-to-end carbon capture and storage (CCS) services for industrial customers in California, including CO2 capture, transport, and permanent underground injection into depleted reservoirs. It operates the CTV I project at CRC's Elk Hills Field (California's first operational CCS project) and a portfolio of DAC and CCS development projects including Aera DAC Hub-Kern, CalCapture, California DAC Hub, and CarbonFrontier.

Product overview

Carbon TerraVault (CTV) is CRC's carbon management business providing integrated CO2 capture, transport and permanent underground storage services. The core offering centers on the CTV I project—California's first operational CCS initiative with CO2 injection at Elk Hills Field—and a portfolio of additional projects including Aera DAC Hub-Kern, CalCapture, California DAC Hub, and CarbonFrontier. The subsidiary is structured around the CTV Joint Venture with Brookfield (51% CRC, 49% Brookfield) for infrastructure development and holds a majority of EPA Class VI well applications in California.

Differentiator

Problem solved

Functional benefit

Products and services

• Carbon TerraVault (CTV) Carbon Capture and Storage Services End-to-end CCS service offering for industrial customers, capturing CO2 from industrial sources, transporting it, and safely injecting it into depleted underground reservoirs for permanent storage; supports decarbonization of California's industrial sector.
• CTV I — California First CCS Project California's first operational Carbon Capture and Storage project located at CRC's Elk Hills Field in Kern County, with CO2 injection into the 26R reservoir; demonstrates permanent underground CO2 storage at scale.
• Aera DAC Hub-Kern Direct Air Capture hub project in Kern County that captures CO2 directly from the atmosphere for permanent underground storage as part of CTV's DAC portfolio.
• CalCapture Carbon TerraVault CCS project representing one of CRC's CO2 storage development initiatives in California.
• California DAC Hub Direct Air Capture hub project in California under Carbon TerraVault's development portfolio focused on atmospheric CO2 removal and storage.
• CarbonFrontier Carbon TerraVault CCS project initiative within the company's development portfolio for permanent CO2 storage.
• Direct Air Capture + Storage Technology Direct Air Capture and storage capability offered as part of CTV's technology portfolio, capturing CO2 directly from ambient air for permanent underground storage.

Quantifiable outcome

• First CO2 injection in California history (May 2026)

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Climeworks: Climeworks is a global leader in direct air capture technology with operational DAC plants (e.g., Mammoth in Iceland, Orca). Comparable to CTV as a developer of DAC-based carbon removal with permanent storage, though Climeworks' storage partners and geographic focus differ from CTV's California-centric portfolio.
• Occidental Petroleum (1PointFive): Occidental's 1PointFive subsidiary is developing large-scale CCS and DAC hubs (e.g., Stratos in Texas) targeting industrial CO2 storage. It is the most direct competitor to Carbon TerraVault in the U.S. CCS and DAC hub development space, operating with comparable technology, customer type (industrial emitters), and project structure (long-term storage contracts, premium credit revenue).

Broad incumbents

• ExxonMobil Low Carbon Solutions: ExxonMobil's Low Carbon Solutions business pursues CCS and DAC projects globally, including Baytown, LA CCS, and the Denbury-acquired CO2 pipeline network. As a major incumbent, ExxonMobil competes with CTV for industrial CCS customers and large storage sites, but its portfolio spans multiple geographies and asset classes well beyond CCS.

Others

• Battelle Memorial Institute: Battelle operates major CCS research and project development programs (e.g., Midwest Regional Carbon Sequestration Partnership) and supports permitting, monitoring, and characterization work for CO2 storage projects. Comparable to CTV as an ecosystem participant in CCS site characterization, regulatory engagement, and storage project development.
• Global CCS Institute: The Global CCS Institute is an international think tank and industry body that tracks, supports, and advocates for CCS deployment globally. It is comparable to CTV as a sector-wide reference point for the CCS market and provides benchmarks and policy frameworks relevant to CTV's project economics.

Emerging players

• BKV Corporation: BKV is developing CCS projects tied to natural gas processing and industrial emitters, leveraging produced CO2 streams. It overlaps with CTV in the broader U.S. industrial CCS market and serves as a comparable emerging CCS-focused operator, though it focuses on different geographies and feed gas sources.
• Heirloom Carbon: Heirloom develops DAC technology using mineral-based enhanced weathering. It is comparable to CTV in pursuing DAC-based permanent carbon removal in the U.S. market and competing for DAC hub designation and federal funding.
• Talos Energy: Talos Energy is advancing CCS projects in the Gulf Coast, including Bayou Bend and other Class VI-focused developments. It is comparable to CTV as an emerging U.S. CCS developer targeting industrial emitters, but operates primarily outside California.
• CarbonCapture Inc. CarbonCapture Inc. develops DAC technology and partners on large-scale removal hubs. It is comparable to CTV on the DAC side of the portfolio (e.g., California DAC Hub, Aera DAC Hub-Kern) and competes for project sites, partners, and credit offtake in the emerging DAC market.

Regional players

• Wintershall Dea (CCS activities): Wintershall Dea is developing CCS projects in Europe (e.g., Greensand in Denmark, Northern Lights partnership). It is a regional CCS peer with comparable subsurface storage expertise using depleted reservoirs, but its operations are concentrated in Europe rather than the U.S.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/carbon-terravault

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carbon TerraVault