Baker Hughes and Fortescue Future Industries to Collaborate on Exploring Green Hydrogen and Geothermal Projects

Rhea-AI Summary

Baker Hughes (NASDAQ: BKR) announced a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) on January 30, 2023, to collaborate on green hydrogen, ammonia, and geothermal projects aimed at reducing greenhouse gas emissions. The partnership will leverage Baker Hughes’ technology in liquefaction, compression, and emissions measurement. Both companies aim to accelerate the energy transition and address climate change through innovative solutions in hard-to-abate industries like mining, steel, and cement. The announcement was made during the 23rd Annual Meeting in Florence, Italy, attended by over 1,600 industry leaders.

Positive

• Partnership with FFI enhances Baker Hughes' position in the green energy sector.
• Collaboration focuses on scaling up green hydrogen and ammonia technologies.
• Expertise in geothermal energy may lead to new income streams.

Negative

• None.

• Memorandum of understanding sets groundwork for collaboration to decarbonize hard-to-abate industries including mining, steel and cement
• Collaboration to leverage respective expertise to explore potential opportunities for scale-up and adoption of new technology solutions to reduce greenhouse gas emissions and produce green hydrogen, ammonia and geothermal energy

FLORENCE, Italy, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced Monday a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) to jointly explore potential opportunities for the scale up and adoption of novel technology solutions for green hydrogen, green ammonia and geothermal projects. The companies see new pathways to accelerate the energy transition thanks to their respective expertise and portfolio of technologies on new projects.

For hydrogen and ammonia development, the collaboration will leverage Baker Hughes’ expertise and technology related to liquefaction and compression, turboexpanders and hydrogen-fueled turbines. For geothermal, Baker Hughes will provide its expertise for existing technologies in geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection, as well as digital solutions for asset performance management and process optimization.

“FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are excited to support FFI in its ambitions for a more sustainable future.”

The companies aspire to bring early-stage technologies to commercial scale faster than what would otherwise be possible. These technologies will potentially benefit the reduction of greenhouse gas emissions in both energy production and hard-to-abate industrial sectors including mining, steel and cement.

“There is enormous demand for green hydrogen and green energy, and engineering solutions such as those pioneered by Baker Hughes are vital to increasing supply,” said Mark Hutchinson, CEO of Fortescue Future Industries. “We look forward to working with Baker Hughes on a variety of projects that will help to enable industries and the world to move beyond fossil fuels.”

The MoU was announced at the 23^rd Baker Hughes Annual Meeting in Florence, Italy. With more than 1,600 attendees, the Annual Meeting is a premier convening event for energy and broader industry leaders to engage on thoughtful dialogue on the changing energy landscape and practical solutions to address climate change concretely while ensuring access to secure and affordable energy for all. For more information, visit the Annual Meeting website.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business 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.

For more information, please contact:

Media Relations

Chiara Toniato
+39 346 382 3419
Chiara.toniato@bakerhughes.com 

Investor Relations:

Jud Bailey
+1-281-809-9088
investor.relations@bakerhughes.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d925bf89-4221-48ad-a66a-c9b011d65b5d

FAQ

What is the significance of the MoU between Baker Hughes and FFI for stock BKR?

The MoU highlights Baker Hughes' commitment to green energy solutions, which may positively influence investor sentiment and stock performance.

How will the collaboration with Fortescue Future Industries impact Baker Hughes' business?

The collaboration aims to accelerate the adoption of green technologies, potentially increasing revenue from sustainable projects.

When was the MoU between Baker Hughes and FFI announced?

The MoU was announced on January 30, 2023.

What technologies will Baker Hughes provide in the collaboration with FFI?

Baker Hughes will offer expertise in liquefaction, compression, and geothermal services to support the development of green hydrogen and ammonia.