Occidental and BlackRock Form Joint Venture To Develop STRATOS, The World's Largest Direct Air Capture Plant; Blackrock $550M Investment To Advance Construction Underway In Texas
Portfolio Pulse from Benzinga Newsdesk
Occidental (OXY) and BlackRock (BLK) have formed a joint venture to develop STRATOS, the world's largest Direct Air Capture (DAC) facility, in Texas. BlackRock will invest $550 million on behalf of clients in the project. The facility, which is 30% complete, is designed to capture up to 500,000 tonnes of CO2 per year and is expected to be operational in mid-2025. 1PointFive, a subsidiary of Occidental, has signed CO2 removal credit purchase agreements with customers including Amazon, Airbus, All Nippon Airways, TD Bank Group, the Houston Astros, and the Houston Texans.
November 07, 2023 | 10:39 pm
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POSITIVE IMPACT
BlackRock's $550 million investment in the STRATOS facility could potentially increase its stock value as it shows the company's commitment to sustainable investments.
BlackRock's investment in the STRATOS facility demonstrates its commitment to sustainable investments, which could attract more clients and investors, potentially increasing its stock value.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Occidental is partnering with BlackRock to develop the world's largest DAC facility, which could enhance its reputation in the energy sector and potentially increase its stock value.
The joint venture with BlackRock and the development of the STRATOS facility could position Occidental as a leader in the decarbonization technology sector. This could attract more investors and potentially increase its stock value.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100