Stratos, Occidental’s First DAC Plant Is 70% Complete

Stratos, Occidental's First DAC Plant Is 70% Complete - Carbon Herald
Artist rendering of the facility in Ector County, TX. Image: www.1pointfive.com

Vicki Hollub, CEO of Occidental Petroleum shared an update about the state of the company’s first direct air capture project during the CERAWeek energy conference in Houston. Stratos, the company’s first DAC large-scale project owned by its subsidiary 1PointFive and BlackRock is 70% complete, said Ms Hollub on Tuesday.

Relevant: 1PointFive Strikes Carbon Removal Purchase Deal With AT&T

The first phase of the startup is expected in mid-2025. When complete, the Stratos project will be able to remove 500,000 tons of carbon from the atmosphere per year.

“There are not enough carbon reduction credits to achieve what we want to, but hopefully we can get there by partnering with companies around the world that are trying to achieve the same goal,” said Hollub.

Relevant: Amazon To Buy 250,000 Tons Of Direct Air Capture Credits From 1PointFive

So far, the project has received a $550 million investment from BlackRock Inc on behalf of its clients. Occidental has also signed deals for carbon removal credits from the plant to telecommunications giant AT&T, TD Bank, Rockwell Automation, Inc., Trafigura and others.

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