Baker Hughes Buys 3C
Baker Hughes (NYSE: BKR) has announced that it is acquiring Compact Carbon Capture (3C), a technology development company that specializes in carbon capture solutions.
The acquisition includes all intellectual property, personnel and commercial agreements. Baker Hughes noted that the deal underpins the company’s 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 company said its 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.
“The addition of 3C to our energy technology portfolio complements our strategy, technology and manufacturing strengths in the area of carbon capture,” Lorenzo Simonelli, the chairman and chief executive officer of Baker Hughes, said in a company statement.
“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,” he added.
“By incubating 3C’s technology, we can develop a roadmap to provide one of the industry’s lowest cost per ton carbon capture solutions,” Simonelli continued.
Torleif Madsen, the CEO of 3C, said, “our technology plays an important role in the energy transition, and we believe this agreement with Baker Hughes is the right step to grow”.
“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,” Madsen added.
Baker Hughes’ existing carbon capture, utilization and storage portfolio includes turbomachinery, solvent-based capture processes, well construction and management for CO2 storage and digital monitoring solutions.
3C was founded through a collaboration between Fjell Technology Group AS, Equinor ASA, Prototech AS and SINTEF. Headquartered at Marineholmen in Bergen, Norway, 3C was named an Energy Innovation Pioneer as part of IHS Markit’s CERAWeek program back in March.
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