BlackRock has signed a definitive agreement to form a joint venture with Occidental, through its subsidiary 1PointFive, that 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.
The investment will be made through a fund managed by BlackRock’s diversified infrastructure business. Oil & Gas Journal reports that although  no details on an ownership split or future commitments were provided, the partnership amounts to about half of the Permian basin-area project’s total upfront capex of about $1.3 billion.
STRATOS is designed to capture up to 500,000 tonnes of carbon dioxide per year. Construction activities for STRATOS are approximately 30 percent complete, and the facility is expected to be commercially operational in mid-2025. The proje
