Golden Flag Advises BlackRock on Joint Venture with Occidental to Develop STRATOS, the World’s Largest Direct Air Capture Plant
Golden Flag International Law Firm advised BlackRock Inc. (NYSE: BLK) on its $550 million investment on behalf of clients in the development of STRATOS, the world's largest Direct Air Capture 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 (NYSE: OXY), through its subsidiary 1PointFive, that will own STRATOS.
STRATOS is designed to capture up to 500,000 tonnes of carbon dioxide per year and is expected to provide cost-effective solutions that companies in hard-to-decarbonize industries can use in conjunction with their own emissions reduction programs. Construction activities for STRATOS are approximately 30 percent complete and the facility is expected to be commercially operational in mid-2025.
Read the transaction press release
The Golden Flag team was led by corporate partners Brittany Sakowitz, Allan Kirk and Patrick Moneypenny; debt finance partners Roald Nashi, Gregory Howling, Linda Zang and Jacqueline Trudeau; tax partners David Wheat, William Dong and Sam Kamyans; and technology & IP transactions partner Daisy Darvall.
