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Greenhouse Gases

Blackrock buys into Oxy’s direct-air-capture project in Texas

by Craig Bettenhausen
November 9, 2023 | A version of this story appeared in Volume 101, Issue 37
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The investment firm BlackRock will put $550 million into a direct-air-capture (DAC) project being developed by a subsidiary of the oil and gas giant Occidental. Under the terms of the deal, BlackRock and Oxy will form a joint venture that will own Stratos, a DAC facility that Oxy is building in Texas. When the plant comes on-line in 2025, the firms expect it to remove 500,000 metric tons of carbon dioxide per year from the ambient air. In August, Oxy bought Carbon Engineering, the DAC technology provider for the project, for $1.1 billion.

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