BlackRock is investing in DAC
BlackRock backs DAC with $550m Stratos deal
World’s largest fund manager forms joint venture with Occidental to drive forward Texas project
BlackRock, the world’s largest fund manager, has thrown its weight behind the emerging direct air capture (DAC) industry with a deal to invest $550m in Occidental’s large-scale Stratos project in Texas. As part of the deal, BlackRock will form a joint venture with Occidental through its subsidiary 1PointFive, which is developing the project in Ector County. Blackrock’s backing of Stratos, which is touted as the world’s largest DAC project, highlights the emerging technology’s growing importance as a decarbonisation tool. “This joint venture demonstrates that DAC is becoming an investable technology, and BlackRock’s commitment in Stratos underscores its importance and potential for the world,
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