BlackRock and Occidental (Oxy) have announced a partnership where BlackRock will invest $550 million on behalf of clients in STRATOS, the world’s largest Direct Air Capture (DAC) facility being constructed by 1PointFive, a subsidiary of Oxy. The joint venture between BlackRock and 1PointFive will own STRATOS. DAC technology, which extracts CO2 from the atmosphere, is seen as a key carbon removal option in the transition to a net-zero energy system. The investment will support the construction of STRATOS, expected to be operational by mid-2025 and capable of capturing 500,000 tonnes of CO2 per year. This partnership highlights the importance of DAC and the role of energy companies in climate technology innovation.
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