Occidental and BlackRock formed a joint venture.

Occidental, an international energy company, and BlackRock, a global investment management corporation, formed a joint venture to develop STRATOS, the world’s largest direct air capture plant. BlackRock will invest $550m on behalf of clients in the development of STRATOS. “We are excited to partner with BlackRock on this transformative facility that will provide a solution to help the world reach net zero. This joint venture demonstrates that Direct Air Capture is becoming an investable technology and BlackRock’s commitment in STRATOS underscores its importance and potential for the world. We believe that BlackRock’s expertise across global markets and industries makes them the ideal partner to help further industrial-scale Direct Air Capture,” Vicki Hollub, Occidental President and CEO.