BlackRock makes $550m to Occidental, and receives $250m from Cox Enterprises
Energy - NOVEMBER 15, 2023

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BlackRock makes $550m to Occidental, and receives $250m from Cox Enterprises

by Andrea Zander

BlackRock has signed a definitive agreement to form a joint venture with Occidental through its subsidiary 1PointFive that will own STRATOS to 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,

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 a

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