Houston-based Occidental Petroleum said recently private equity firm BlackRock will invest $550 million on behalf of its clients in development of Stratos, the world’s largest direct air capture facility in Ector County. Oxy said Nov. 7 BlackRock signed an agreement to form a joint venture with Occidental through its subsidiary 1PointFive, which will own Stratos. The $1.3 billion DAC plant is designed to capture up to 500,000 tonnes of CO2 per year. Construction is 30 percent complete, and the facility is scheduled to begin commercial operations in mid 2025.
Vicki Hollub, Oxy president and CEO, said, “We are excited to partner with BlackRock on this transformative facility that will provide a solution to help the world reach net zero. This joint venture demonstrates that direct air capture is becoming an investable technology, and BlackRock’s commitment in Stratos underscores its importance and potential.”