Baker Hughes and HIF Global to Collaborate on Direct Air Capture Technology

Rhea-AI Summary

Baker Hughes and HIF Global have entered into a collaboration to develop and deploy Direct Air Capture (DAC) technology. The partnership aims to test Baker Hughes' Mosaic DAC technology to accelerate carbon dioxide capture at a commercial scale. HIF Global targets capturing 25 million tons of CO₂ annually, producing 150,000 barrels per day of eFuels to decarbonize over 5 million vehicles. Baker Hughes enhances its carbon capture portfolio with the Mosaic technology, focused on modular design and efficiency. HIF's facilities in Chile and Texas are poised for DAC deployment, underscoring the commitment to advancing climate technology.

Positive

• Agreement with HIF Global to develop Direct Air Capture technology, enhancing Baker Hughes' CCUS portfolio.
• Target to capture 25 million tons of CO₂ annually and produce 150,000 barrels per day of eFuels.
• Collaboration aimed at accelerating the deployment of innovative carbon capture solutions.

Negative

• None.

• Agreement enables pilot testing to more quickly scale-up deployment of Direct Air Capture solutions

HOUSTON, March 07, 2023 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, and HIF Global, the world’s leading eFuels company, announced Tuesday their agreement to cooperate on the development of technology to capture carbon dioxide directly from the atmosphere (“CO₂ Direct Air Capture” or “DAC”). More specifically, HIF Global and Baker Hughes intend to test Baker Hughes’ Mosaic DAC technology pilot units to accelerate DAC deployment at commercial scale.

Cesar Norton, HIF Global CEO, said, “Groundbreaking technologies like Mosaic that enable efficient, low-cost CO₂ capture from our atmosphere represent the future of CO₂ recycling. Cooperation with our partner Baker Hughes on this important DAC initiative accelerates our plan to capture 25 million tons per year of CO₂ and combine it with green hydrogen to produce 150,000 barrels per day of eFuels and decarbonize over 5 million vehicles in use today.”

“Collaboration is key to supporting and accelerating the energy transition to address climate change, and we are pleased to work alongside HIF to support their significant efforts in deploying eFuels at scale, leveraging our Mosaic DAC technology,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “This milestone agreement further illustrates the strength of Baker Hughes’ extended portfolio of Climate Technology Solutions, which includes a variety of CCUS technologies, and validates our strategy and commitment toward decarbonization.”

Acquired by Baker Hughes in April 2022 to enhance its carbon capture, utilization and storage (CCUS) portfolio, Mosaic Materials is focused on developing a proprietary direct air capture technology using Metal-Organic Framework (MOF) materials that can be used to separate CO₂ from the atmosphere. Baker Hughes is leveraging its advanced capabilities, including modular design and material science, to develop and scale Mosaic’s innovative technology with the goal to enable direct air capture with higher efficiency and lower cost.

HIF has two pioneering sites where it anticipates possible deployment of Baker Hughes’ Mosaic DAC technology. In Chile, the HIF Haru Oni eFuels Facility began producing its first fuels in December 2022 in Magallanes. The eFuels facility produces green hydrogen from wind electricity and water and combines the hydrogen with recycled carbon dioxide to produce eFuels, synthetic fuels that can be dropped-in to existing vehicles without any modifications to their engines. HIF Global is also completing the engineering for the first world scale eFuels facility in Matagorda County, Texas, and expects to begin construction in 2024.

Baker Hughes has more than 20 years of experience in CCUS technologies. The company’s portfolio of CCUS solutions, technologies, and services includes: pre-FEED and FEED consultation, project design, capture and purification, fit-for-purpose CO₂ compression technology, well design and construction for storage, carbon transportation and injection, and monitoring and site stewardship.

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.

About HIF Global
HIF Global is the world’s leading eFuels company, developing projects to convert hydrogen using low-cost renewable power into carbon-neutral liquid eFuels that can be transported and utilized in existing infrastructure. The name HIF represents the mission of the company: to provide Highly Innovative Fuels to make decarbonization of the planet possible. HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA are wholly owned subsidiaries of HIF Global. HIF Global produced the first liters of synthetic Fuels from the Haru Oni Demonstration Facility in Magallanes, Chile in December 2022 and intends to begin construction of the commercial scale HIF Matagorda eFuels Facility in Texas in 1Q2024. For more information, visit www.hifglobal.com.

For more information, please contact:

Media Relations

Baker Hughes Media Relations:
Chiara Toniato
+39 346 382 3419
Chiara.toniato@bakerhughes.com

HIF Global
Eva Bandola
+1 (630) 956 1776
bandola@cgcn.com

Investor Relations:

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

FAQ

What is the recent partnership between Baker Hughes and HIF Global about?

Baker Hughes and HIF Global have partnered to develop and test Direct Air Capture technology to enhance carbon dioxide capture and eFuels production.

What are the targets set by HIF Global in collaboration with Baker Hughes?

HIF Global aims to capture 25 million tons of CO₂ per year and produce 150,000 barrels of eFuels daily.

How does the Mosaic DAC technology work?

Mosaic DAC technology uses Metal-Organic Framework materials to efficiently separate CO₂ from the atmosphere.

Where will the Mosaic DAC technology be deployed?

Mosaic DAC technology will be pilot tested in HIF's facilities in Chile and Texas.

When did Baker Hughes acquire Mosaic Materials?

Baker Hughes acquired Mosaic Materials in April 2022 to strengthen its carbon capture capabilities.