Oxy and BlackRock have joined forces to develop STRATOS, the world's largest direct air capture (DAC) facility in Ector County, Texas, with BlackRock investing USD 550 million in the project.
STRATOS aims to capture up to 500,000 tonnes of CO2 annually, with construction around 30% complete and expected commercial operation by mid-2025. This venture is anticipated to employ over 1,000 people during construction and 75 once operational. STRATOS is expected to offer cost-effective solutions for industries struggling to decarbonize, with several major companies already on board for CO2 removal credit purchase agreements.
DAC technology captures and removes large volumes of CO₂ directly from the atmosphere, enabling safe storage underground. STRATOS is poised to play a crucial role in helping companies meet their emissions reduction goals, with 1PointFive already securing agreements with prominent customers such as Amazon, Airbus, and TD Bank Group. This joint venture exemplifies the collaborative effort between energy companies and financial institutions in driving climate technology innovation and advancing towards a sustainable future.
