Investment management company BlackRock will invest $500m to support the development of Stratos, an Ector County, Texas-based direct air capture (DAC) plant believed to be the world’s largest.
Through a fund managed by its Diversified Infrastructure business, BlackRock 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 carbon dioxide (CO2) per year. Construction activities are currently around 30% complete, with commercial start-up scheduled for mid-2025.
Vicki Hollub, President and CEO of Occidental, said the joint venture demonstrates that DAC is becoming an investable technology, and that Occidental is excited to partner with them.
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