White & Case Advises Occidental on Joint Venture with BlackRock to Develop STRATOS, the World's Largest Direct Air Capture Plant

Global law firm White & Case LLP has advised Occidental in the development of STRATOS, the world's largest Direct Air Capture (DAC) facility, in Ector County, Texas. Through a fund managed by its Diversified Infrastructure business, BlackRock has signed a definitive agreement to form a joint venture with Occidental through its subsidiary 1PointFive that will own STRATOS. BlackRock will invest $550 million on behalf of clients in the development of STRATOS.

STRATOS is designed to capture up to 500,000 tonnes of CO₂ per year. Construction activities for STRATOS are approximately 30 percent complete and the facility is expected to be commercially operational in mid-2025. The project is expected to employ more than 1,000 people during the construction phase, and up to 75 once operational.

DAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. STRATOS is expected to provide cost-effective solutions that companies in hard-to-decarbonize industries can use in conjunction with their own emissions reduction programs. To date, 1PointFive has signed CO₂ removal credit purchase agreements with customers, including Amazon, Airbus, All Nippon Airways (ANA), TD Bank Group, the Houston Astros, and the Houston Texans.

This transaction reinforces White & Case's prominent position as a market leader in offering legal counsel for energy transition transactions, specifically encompassing direct air capture and various carbon capture, utilization and storage technologies.

The White & Case team was led by partners Jay Cuclis, Morgan Hollins and David Strickland and included associates Jack Moxon, Anil Tanyildiz, Clint Farha, Richard McNulty and Alex Bischoff (all in Houston).

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