Baker Hughes Acquires Exclusive License from SRI International for Mixed Salt Process Technology for Carbon Capture

Rhea-AI Summary

Baker Hughes (NYSE: BKR) has entered a global exclusive licensing agreement with SRI International for the innovative Mixed-Salt Process (MSP) for CO₂ capture. Supported by the U.S. Department of Energy, this partnership enhances Baker Hughes' carbon capture, utilization, and storage (CCUS) capabilities, crucial for reducing emissions and achieving net-zero targets. The MSP offers improved efficiency, lower environmental impact, and uses widely available, eco-friendly solvents, presenting a cost-effective solution for various industries, including power and cement.

Positive

• Exclusive licensing of SRI's Mixed-Salt Process enhances BKR's CCUS technology portfolio.
• MSP technology offers improved efficiency and lower manufacturing carbon footprint.
• Partnership supports Baker Hughes' strategic goals in carbon capture, crucial for meeting global climate targets.

Negative

• None.

Baker Hughes (NYSE: BKR) announced it has entered into a global exclusive licensing agreement with SRI International to use SRI’s innovative Mixed-Salt Process (MSP) for CO₂ capture. SRI has received support from the U.S. Department of Energy’s Office of Fossil Energy (FE) and National Energy Technology Laboratory (NETL) in developing its MSP technology. The agreement with SRI follows Baker Hughes’ acquisition of Compact Carbon Capture announced in November 2020, and further expands and complements its CCUS (carbon capture, utilization, and storage) for applications such as the treatment of flue gases from fossil fueled power plants, gas turbines, industrial applications, and the cement industry.

The advancement of carbon capture technology solutions is widely considered critical to delivering CO₂ emissions reductions needed to meet global 2050 climate and net-zero emissions targets. In the energy and industrial sectors, carbon capture is among the most viable decarbonization paths for both retrofitting existing assets and greenfield projects. The Baker Hughes CCUS portfolio features advanced turbomachinery, solvent-based state-of-the-art capture processes, well construction and management for CO₂ storage, and advanced digital monitoring solutions.

“The Mixed Salt Process combines an efficient, post-combustion carbon capture process that uses a novel solvent formulation that relies on commodity chemicals. Our process has the benefits of a low manufacturing carbon footprint, reduced energy consumption and greater efficiency. The technology also differentiates itself from other state-of-the-art amine-based carbon capture technologies by negligible solvent-degradation and reduced water use, as well as the fact it uses a widely available and environmentally friendly solvent,” said Manish Kothari, president of SRI International. “As an energy technology company committed to the energy transition, Baker Hughes is the ideal partner to demonstrate the advantages and commercial benefits of our MSP solution.”

“Technology plays a key role in ensuring that new energy frontiers such as CCUS are cost-competitive and sustainable,” said Rod Christie, executive vice president of Turbomachinery & Process Solutions at Baker Hughes. “In this period of CCUS market formation we are strategically and purposefully investing in the development and industrialization of innovative technologies to be deployed in a cost-effective manner once the market reaches maturity. Once commercialized, the MSP has the potential to contribute to the advancement of CCUS, providing a lower-cost and energy-efficient carbon capture solution with reduced emissions, making it ideal for commercial applications.”

The MSP developed by SRI currently has a technology readiness level of 4 as per the scale defined by the European Union as part of the Horizon 2020 framework program. The MSP combines readily available potassium and ammonia (NH₃) salt solutions to enable reduced reboiler and auxiliary electric loads, emissions, and water usage. In addition, the MSP requires a smaller footprint than competing CCUS solutions.

About SRI International:

SRI International creates world-changing solutions making people safer, healthier, and more productive. SRI, a research center headquartered in Menlo Park, California, works primarily in advanced technology and systems, biosciences, computing and education. SRI brings its innovations to the marketplace through technology licensing, spin-off ventures and new product solutions.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20210329005134/en/

FAQ

What is the significance of Baker Hughes' licensing agreement with SRI International?

The licensing agreement enhances Baker Hughes' CCUS capabilities, supporting its strategic goals in carbon capture technology.

How does the Mixed-Salt Process (MSP) improve carbon capture?

The MSP uses a novel solvent formulation, resulting in lower energy consumption, reduced emissions, and less water usage compared to traditional methods.

What industries can benefit from Baker Hughes' new carbon capture technology?

The MSP can be applied in fossil fuel power plants, gas turbines, industrial applications, and the cement industry.

What financial impact could the MSP have on Baker Hughes (BKR)?

Once commercialized, the MSP could lower costs and improve efficiency in carbon capture, potentially enhancing revenue streams for Baker Hughes.