Published by Todd Bush on November 8, 2023
STRATOS designed to capture 500,000 tonnes of CO₂ per year
BlackRock $550 million investment to advance construction underway in Texas
HOUSTON and NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) announced today that BlackRock (NYSE: BLK) will invest $550 million 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.
“We are excited to partner with BlackRock on this transformative facility that will provide a solution to help the world reach net zero,” said Vicki Hollub, President and CEO, Occidental. “This joint venture demonstrates that Direct Air Capture is becoming an investable technology and BlackRock’s commitment in STRATOS underscores its importance and potential for the world. We believe that BlackRock’s expertise across global markets and industries makes them the ideal partner to help further industrial-scale Direct Air Capture.”
“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.”
DAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. STRATOS is expected to provide cost-effective solutions that companies in hard-to-decarbonize industries can use in conjunction with their own emissions reduction programs. To date, 1PointFive has signed CO₂ removal credit purchase agreements with customers, including Amazon, Airbus, All Nippon Airways (ANA), TD Bank Group, the Houston Astros, and the Houston Texans.
>> RELATED: BlackRock’s 2024 Private Markets Outlook Forecasts Continued Growth Across Asset Classes
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture (DAC) and AIR TO FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com.
>> In Company Spotlight:
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🏙️ Energy Abundance Announces Data City, Texas - The World's Largest Behind-the-Meter Data Center Hub Powered by 100% 24/7 Green Energy 🌬️ Norway's Equinor Scales Back Climate Am...
Inside This Issue 🌬️ Texas Pioneers Wind-Powered Direct Air Capture: A Collaborative Effort to Combat Climate Change 🏛️ CO2 Capture in the United States Adjusts Its Strategy Under the Trump Admini...
Inside This Issue 🏗️ Alberta Set to Build World's First Full-Sized Zero Carbon Cement Plant 🛢️ Saudi Aramco, IEA Chiefs Clash In Houston Over The Future Of Oil 🧪 Homeostasis Raises $1.2M to Synthe...
The company’s tech promises to unlock sustainable, domestic critical mineral supplies while providing affordable ocean carbon removal. BlueShift Exits Stealth with $2.1M in Pre-Seed Funding to Ena...
LRQA Strengthens Energy Transition Services With Acquisition of EcoEngineers
LRQA has acquired EcoEngineers, a US-based consulting, auditing and advisory firm with an exclusive focus on the energy transition. This marks LRQA’s fifth acquisition in five months, reinforcing ...
Nel ASA: Receives Purchase Order for One MC500 Containerized Pem Electrolyser
OSLO, Norway, March 20, 2025 /PRNewswire/ -- Nel Hydrogen US, a subsidiary of Nel ASA (OSE: NEL), has received a purchase order for one 2.5 MW containerized PEM unit for the Aberdeen Hydrogen Hub p...
Amazon to Sell Carbon Credits to Suppliers, Customers
LONDON, March 20 (Reuters) – Amazon has begun selling carbon credits to its suppliers, business customers, and other companies, the U.S. retail giant said, which can be used to offset their climate...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.