International energy company, Occidental has announced that finance company, BlackRock will invest $550 million (€515 million) on behalf of clients in the development of STRATOS, the world’s largest direct air capture (DAC) facility, in Ector County, Texas, US.
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 designed to capture up to 500,000 tonnes of CO2 per year. Construction activities for STRATOS are approximately 30% 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.
Vicki Hollub, president and CEO, Occidental says: ‘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.’
‘Occidental’s technical expertise brings unprecedented scale to this cutting-edge decarbonisation 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,’ adds Larry Fink, chairman and CEO, BlackRock.