Baker Hughes Invests in Turquoise Hydrogen
Baker Hughes (NYSE: BKR) has announced an investment in Ekona Power Inc, which is described as a growth stage company developing novel turquoise hydrogen production technology.
The company revealed that it will take an approximately 20 percent stake in Ekona to help advance new project development and commercialization. Baker Hughes said it will also assume a seat on Ekona’s board of directors. Through its investment, Baker Hughes said it will enhance its broader hydrogen and natural gas decarbonization solutions portfolio, further contributing to the energy transition.
“This strategic investment further demonstrates our commitment to advancing new energy frontiers by accelerating the pace at which novel technologies are being brought to market,” Rod Christie, the executive vice president of turbomachinery and process solutions at Baker Hughes, said in a company statement.
“Ekona Power’s methane pyrolysis platform for the production of cleaner and lower cost turquoise hydrogen builds on our growing and diverse portfolio of decarbonization technologies, including blue and green hydrogen, CCUS and emissions management solutions,” Christie added in the statement.
“Through the adoption of this technology, the industry can leverage existing and abundant natural gas reserves to produce lower carbon hydrogen and accelerate its use across the energy value chain,” the Baker Hughes vice president went on to say.
Commenting on the deal, Chris Reid, the chief executive officer of Ekona Power Inc, said, “at Ekona, we are deeply committed to delivering cleaner energy solutions that cost-effectively address industry pain points”.
“Our innovative technology has the potential to produce hydrogen at costs on par with conventional steam methane reformers, while drastically reducing greenhouse gas emissions. In addition, our solution isn’t reliant on CO2 sequestration, so it has the potential to be quickly and broadly deployed across various industries and market regions,” he added.
“This important investment from Baker Hughes who is an established global player is a key step to commercializing our technology,” Reid continued.
Turquoise hydrogen is made from methane using pyrolysis, also known as splitting, or cracking, Baker Hughes highlights. Ekona’s methane pyrolysis solution uses combustion and high-speed gas dynamics in a reactor to separate feedstock methane into hydrogen and solid carbon, reducing carbon dioxide emissions versus the traditional and prevalent steam methane reforming process, Baker Hughes pointed out.
Baker Hughes has an approach of “accelerating the hydrogen revolution”, its website outlines. The company built its first hydrogen compressor in 1962 and in 2008 it built the first turbine in the world to run on 100 percent hydrogen for the Fusina Hydrogen Power Project in Italy.
Ekona describes itself as a Vancouver-based breakthrough energy technology company established to exceed the paradigms of hydrogen production. In January this year, the company announced that it had entered into a Convertible Debenture with BDC Capital, which it said would help the company develop its novel technology for low cost, clean hydrogen production.
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