Occidental Petroleum, BlackRock in JV to form direct air capture plant STRATOS

Occidental announced that BlackRock (BLK) will invest $550 M on behalf of clients in the development of STRATOS, the world’s largest Direct Air Capture DAC facility, in Ector County, Texas. Through a fund managed by its Diversified Infrastructure business, BlackRock has signed a definitive agreement to form a joint venture with Occidental through its subsidiary 1PointFive that will own STRATOS. STRATOS is designed to capture up to 500,000 tonnes of CO2 per year. Construction activities for STRATOS are approximately 30 percent complete and the facility is expected to be commercially operational in mid-2025. The project is expected to employ more than 1,000 people during the construction phase and up to 75 once operational. “BlackRock is proud to partner with global energy leader Occidental to help build the world’s largest direct air carbon capture facility in Texas,” said Larry Fink, Chairman and CEO, BlackRock. “Occidental’s technical expertise brings unprecedented scale to this cutting-edge decarbonization technology. STRATOS represents an incredible investment opportunity for BlackRock’s clients to invest in this unique energy infrastructure project and underscores the critical role of American energy companies in climate technology innovation.”