Baker Hughes and Horisont Energi Sign MoU for Groundbreaking Offshore Barents Sea Carbon Capture, Transport and Storage Project

Rhea-AI Summary

Baker Hughes (NYSE: BKR) has signed a memorandum of understanding with Horisont Energi to collaborate on the Polaris carbon storage project in Norway. This initiative aims to enhance carbon capture, transport, and storage (CCTS) technologies while minimizing costs and delivery times. The Polaris project is set to have a carbon storage capacity of over 100 million tons, equivalent to twice Norway's annual greenhouse gas emissions. Both companies aim to drive decarbonization in the energy sector and develop high-efficiency technologies across the carbon capture value chain.

Positive

• Partnership with Horisont Energi enhances Baker Hughes' position in the emerging carbon technology market.
• Polaris project aims to achieve the lowest carbon storage cost globally, paving the way for profitable CCTS facilities.

Negative

• None.

Baker Hughes (NYSE:BKR) and Horisont Energi AS (EURONEXT:HRGI) have signed a memorandum of understanding (MoU) for the Polaris carbon storage project off the northern coast of Norway. Under the agreement, the two companies will explore the development and integration of technologies to minimize the carbon footprint, cost and delivery time of carbon capture, transport and storage (CCTS). This agreement further reinforces Baker Hughes’ and Horisont Energi’s own commitments to decarbonizing the energy industry.

Horisont Energi's Polaris offshore carbon storage facility is part of its “Barents Blue” project, which is the first global and full-scale carbon neutral “blue” ammonia production plant. The Polaris project is expected to have a total carbon storage capacity in excess of 100 million tons, which is equivalent to twice Norway’s annual greenhouse gas emissions. Currently at the concept phase, the facility is expected to enter the construction phase in the second half of 2022. As part of its overall goals, Polaris aims to have the lowest carbon storage cost globally, paving the way for profitable CCTS facilities that are not reliant on government support schemes.

“The global carbon technology market is emerging for carbon storage and utilization,” said Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi. “With Baker Hughes, we will scale solutions across the carbon value chain to accelerate the decarbonization of the energy industry. Our complementary competencies allow for a strategic partnership for scalable, energy-efficient and flexible technology solutions.”

“Baker Hughes has a broad and established portfolio of CCTS technology and proven expertise in executing some of the North Sea’s most complex offshore projects,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “We are proud to be partnering with Horisont Energi for new energy frontiers, taking the Polaris carbon storage project from concept to reality.”

In addition to collaborating for the Polaris offshore carbon storage facility, Baker Hughes and Horisont Energi will also work together to develop processes and technologies across the carbon capture value chain, including:

• Reduction of carbon footprint in the well construction and subsea segments
• High-efficiency turbomachinery technology including compressors and turbines for syngas, steam, CO2 and air
• Low- to zero-emissions power and heat generation for clean ammonia plants
• Development of pre-front-end engineering and design (FEED) and FEED activities to prepare for project execution of offshore carbon storage assets
• Life-of-field service model for the life cycle of carbon storage projects, including site selection, drilling, and power to subsea infrastructure

About Horisont Energi:

Horisont Energi (EURONEXT:HRGI) is a Norwegian carbon tech start-up focusing on carbon sequestration and production of carbon neutral hydrogen and ammonia. The company is developing production plants for these products ashore with the carbon sequestration infrastructure on the Norwegian continental shelf. The company is also commercializing carbon sequestration for the European market.

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/20210323005357/en/

FAQ

What is the Polaris carbon storage project by Baker Hughes (BKR) and Horisont Energi?

The Polaris carbon storage project is a collaboration between Baker Hughes and Horisont Energi focused on developing carbon capture, transport, and storage technologies off Norway's northern coast.

What are the expected benefits of the Polaris carbon storage project?

The project aims to minimize the carbon footprint and costs associated with carbon capture and storage, potentially achieving the lowest carbon storage costs globally.

When is the Polaris carbon storage facility expected to enter the construction phase?

The Polaris project is expected to enter the construction phase in the second half of 2022.

What is the carbon storage capacity of the Polaris project?

The Polaris project is expected to have a carbon storage capacity exceeding 100 million tons.

How does the partnership with Horisont Energi impact Baker Hughes (BKR) in the market?

The partnership enhances Baker Hughes' capabilities in carbon technology and positions the company strategically in the decarbonization efforts of the energy industry.