Baker Hughes Signs Agreement to Acquire Compact Carbon Capture Technology to Advance Industrial Decarbonization
03 November 2020 - 2:00PM
Business Wire
Baker Hughes (NYSE: BKR) announced today it is acquiring Compact
Carbon Capture (3C), a pioneering technology development company
specializing in carbon capture solutions. The acquisition underpins
Baker Hughes’ strategic commitment to lead in the energy transition
by providing decarbonization solutions for carbon-intensive
industries, including oil and gas and broader industrial
operations.
The advancement of carbon capture technology solutions is widely
considered critical to delivering the additional CO2 emissions
reduction needed to meet global 2050 climate targets. In the energy
and industrial sectors, carbon capture technology is among the most
viable decarbonization paths for both retrofitting existing assets
as well as for greenfield projects. 3C’s technology can address CO2
capture from different emission sources and can contribute
significantly to the decarbonization of customers’ operations.
3C’s technology differs from traditional carbon capture
solvent-based solutions by using rotating beds instead of static
columns, effectively distributing solvents in a compact and
modularized format. The rotating bed technology enhances the carbon
capture process resulting in up to 75% smaller footprint and lower
capital expenditures. In addition, 3C’s modular and scalable
configuration can be easily deployed into existing brownfield
applications and can be optimized for a broad range of capacity and
applications, including offshore and industrial emitters.
Baker Hughes’ 100+ years of rotating equipment expertise,
including in modularized and decarbonization process solutions,
will provide an unmatched opportunity to scale and commercialize
3C’s technology. As part of the agreement, Baker Hughes will
accelerate the development of the technology, leading to commercial
deployment for customers globally.
“The addition of 3C to our energy technology portfolio
complements our strategy, technology and manufacturing strengths in
the area of carbon capture,” said Lorenzo Simonelli, chairman and
CEO of Baker Hughes. “This agreement highlights our deliberate and
disciplined approach to invest in the energy transition. We are
positioning our portfolio for new energy frontiers, and we believe
there will be strong growth potential of carbon capture for both
industrial applications and oil and gas projects. By incubating
3C’s technology, we can develop a roadmap to provide one of the
industry’s lowest cost per ton carbon capture solutions.”
“Our technology plays an important role in the energy
transition, and we believe this agreement with Baker Hughes is the
right step to grow,” said Torleif Madsen, CEO of 3C. “As we focus
on our long-term vision to develop the world’s leading carbon
capture offerings, we will leverage Baker Hughes’ strong brand and
technology position in the energy industry to further expand our
solution by complementing it with world-class turbomachinery and
process solutions and access to a global customer base. This is an
immense opportunity and we are proud to join the Baker Hughes
team.”
The acquisition further complements the existing Baker Hughes
CCUS portfolio offering, which includes turbomachinery,
solvent-based state of the art capture processes (CAP), well
construction and management for CO2 storage, and advanced digital
monitoring solutions.
The agreement includes all intellectual property, personnel and
commercial agreements. ABG Sundal Collier acted as advisors to
3C.
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that
provides solutions to energy and industrial customers worldwide.
Built on a century of experience and with operations in over 120
countries, our innovative technologies and services are taking
energy forward – making it safer, cleaner and more efficient for
people and the planet. Visit us at bakerhughes.com.
About Compact Carbon Capture:
Compact Carbon Capture AS (3C) was founded through the
collaboration between Fjell Technology Group AS, Equinor ASA,
Prototech AS and SINTEF. The first patent for the technology was
granted in 1999 after which it was tested and developed together
with several partners including Fjell Technology Group AS and
Equinor AS who respectively at different stages led the management
of the technology development program between 2007 and 2017. In
2018, 3C was fully established as a company, during which the IP
and know-how from both the Equinor and the Fjell Technology Group
management periods was fully transferred to 3C. Currently 3C runs
its technology development with several partners including Equinor,
Fjell Technology Group, Sintef and Prototech and benefits from
Norwegian Government incentives through Climit. Headquartered at
Marineholmen in Bergen, Norway, 3C collaborates with R&D
partners and industrial partners both nationally and globally. In
March 2020, 3C was named an Energy Innovation Pioneer as part of
IHS Markit’s CERAWeek program. For more information visit:
compactcarbon.com
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Investor Relations Jud Bailey +1 281-809-9088
investor.relations@bakerhughes.com
Media Relations Thomas Millas +1 713-879-2862
Thomas.millas@bakerhughes.com
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