Baker Hughes and Borg CO2 to Collaborate to Develop Carbon Capture & Storage Hub for Industrial Cluster in Norway

Rhea-AI Summary

Baker Hughes (NYSE: BKR) and Borg CO₂ AS have signed a memorandum of understanding to collaborate on a carbon capture and storage project in Norway's Viken region. This initiative aims to capture and store up to 90% of CO₂ emissions from local industrial sites, contributing to emissions reduction goals aligned with the Paris Agreement. The project will involve the capture of approximately 700,000 tonnes of CO₂ annually, with plans to store it beneath the North Sea. Baker Hughes will support ongoing feasibility studies and technology implementation.

Positive

• Collaboration with Borg CO₂ aims to capture and store up to 90% of CO₂ emissions from industrial sites.
• The project addresses approximately 700,000 tonnes of annual CO₂ emissions from the Viken region.
• Baker Hughes is leveraging its carbon capture technologies, enhancing its market position in sustainable energy solutions.
• Joint efforts to seek grants and incentives for carbon capture projects in Norway and the EU.

Negative

• None.

Baker Hughes (NYSE: BKR), an energy technology company, and Borg CO₂ AS, a Norwegian carbon capture and storage developer for industrial clusters, have announced a memorandum of understanding (MOU) to collaborate on a carbon capture and storage project to serve as a hub for the decarbonization of industrial sites in the Viken region of Norway. The project aims to capture and store up to 90% of the CO₂ emissions from the involved industrial sites, playing an important role in contributing to the Paris Agreement goals, the United Nations Sustainable Development Goals and the Norwegian national emissions reduction targets.

The Borg CO₂ project includes several industry partners, as well as the Port of Borg, and aims to capture and store emissions from industrial facilities located in the cities of Fredrikstad, Sarpborg and Halden. The combined industrial cluster is currently responsible for approximately 700,000 tonnes of CO₂ emissions annually. After being captured, the CO₂ will be liquified, shipped and eventually stored underneath the seabed of the North Sea. In April 2021, Borg CO₂ announced an MOU with Northern Lights JV, who will provide shipping and storage of CO₂ as a service provider for Borg CO_2.

Borg CO₂ and its partners have completed a first feasibility study and are proceeding with an extended feasibility study (pre-FEED) to be completed by the end of 2021 which Baker Hughes will support with its portfolio of carbon capture technologies and engineering services for the study and development of the hub. In addition, Baker Hughes and Borg CO₂ will jointly evaluate the optimal structure for implementation of the carbon capture plants and pursue grant and incentive opportunities both in Norway and at the EU level.

Borg CO₂’s “industrial cluster” approach provides a prime opportunity for Baker Hughes to test and scale its wide-ranging carbon capture, utilization and storage (CCUS) technologies portfolio on several types of processes including its Chilled Ammonia Process (CAP) and Compact Carbon Capture (CCC) solutions.

“Today, industrial clusters represent around 20% of Europe’s CO₂ emissions. Meaningful decarbonization is not possible without carbon capture, utilization and storage, and this collaboration demonstrates how CCUS technology is accelerating from concept toward commercialization with real-world impact,” said Rod Christie, executive vice president of Turbomachinery & Process Solutions at Baker Hughes. “Our collaboration with Borg CO₂ will accelerate development of new energy frontiers like CCUS, and we believe it is critical to help them at an early stage by strategically supporting with our best in class technology.”

“With the technology competencies and experience of Baker Hughes supporting us, we believe that Borg CO₂ is better positioned to take the next steps towards commercialization and achieve our goals for the project,” said Tore Lundestad, managing director of Borg CO₂ and Harbour Master for the port of Borg. “A project like this showcases a win-win approach where permanent storage combined with the possibility of sustainable usage of smaller volumes of biogenic CO₂ will help to achieve net-zero, and with the industrial facilities potentially receiving revenue by selling negative CO2 emissions”.

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. Baker Hughes has a longstanding presence in Norway with six facilities and approximately 2,000 employees.

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 www.bakerhughes.com.

About Borg CO₂
Borg CO₂ AS is a Norwegian Limited Liability Company. Its purpose is to develop carbon capture and storage (CCS) technology, primarily for industrial facilities in Viken (Østfold), Norway. Since 2018, it has worked on mapping the opportunity to develop CCS for an industrial cluster and has recently finished a complete feasibility study. The feasibility study had 18 partners representing process industry, waste management, logistics, energy, carbon capture technology, technology providers and academia. Borg CO₂ are now conducting a pre-FEED with 9 partners and CLIMIT support, based on the feasibility study. The CO₂ capture potential of the full-scale CCS cluster is 630,000 tonnes annually from five regional industrial sources. The port of Borg will serve as a host for a future CO₂ terminal. Borg CO₂ is supported by CLIMIT, a national programme for research, development and testing of CCS technologies. Visit: www.borgco2.no.

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FAQ

What is the Baker Hughes and Borg CO2 collaboration about?

Baker Hughes and Borg CO₂ are collaborating on a carbon capture and storage project in Norway's Viken region to capture and store up to 90% of CO₂ emissions from industrial sites.

How much CO2 emissions is the Viken project targeting?

The project aims to capture approximately 700,000 tonnes of CO₂ emissions annually from the involved industrial facilities.

What technologies will Baker Hughes provide for the Borg CO2 project?

Baker Hughes will support the project with its carbon capture technologies and engineering services as part of an ongoing feasibility study.

What are the goals of the Baker Hughes-Borg CO2 partnership?

The partnership aims to achieve significant emissions reductions and support the commercialization of carbon capture and storage solutions.