Baker Hughes and Woodside Energy Announce Collaboration Framework to Develop Small-Scale Decarbonization Solution Utilizing Net Power Platform
Baker Hughes (NASDAQ: BKR) and Woodside Energy have announced a joint initiative to develop a lower-carbon power generation technology solution using the Net Power platform. The collaboration, formalized through a Technology Development Agreement (TDA), builds upon their 2022 MoU and aims to create solutions specifically for oil and gas, LNG, and heavy industries.
The Net Power platform utilizes natural gas to generate affordable power while capturing nearly all CO2 emissions. Baker Hughes, as the exclusive provider of the small-scale application, will leverage development and testing from Net Power's La Porte facility and planned utility-scale power plant near Midland, Texas.
The partnership focuses on assessing feasibility and industrial market scalability, with plans to bring additional development partners to tailor the concept for different power generation segments.
Baker Hughes (NASDAQ: BKR) e Woodside Energy hanno annunciato un'iniziativa congiunta per sviluppare una soluzione tecnologica per la generazione di energia a basse emissioni di carbonio utilizzando la piattaforma Net Power. La collaborazione, formalizzata attraverso un Accordo di Sviluppo Tecnologico (TDA), si basa sul loro Memorandum di Intesa del 2022 e mira a creare soluzioni specifiche per il settore oil and gas, LNG e le industrie pesanti.
La piattaforma Net Power utilizza gas naturale per generare energia a costi contenuti, catturando quasi tutte le emissioni di CO2. Baker Hughes, in qualità di fornitore esclusivo dell'applicazione su piccola scala, sfrutterà lo sviluppo e i test presso l'impianto di La Porte di Net Power e la centrale elettrica di grande scala pianificata vicino a Midland, Texas.
La partnership si concentra sulla valutazione della fattibilità e sulla scalabilità del mercato industriale, con piani per coinvolgere ulteriori partner di sviluppo per adattare il concetto a diversi segmenti di generazione di energia.
Baker Hughes (NASDAQ: BKR) y Woodside Energy han anunciado una iniciativa conjunta para desarrollar una solución tecnológica de generación de energía con bajas emisiones de carbono utilizando la plataforma Net Power. La colaboración, formalizada a través de un Acuerdo de Desarrollo Tecnológico (TDA), se basa en su Memorando de Entendimiento de 2022 y tiene como objetivo crear soluciones específicamente para el sector del petróleo y gas, GNL y las industrias pesadas.
La plataforma Net Power utiliza gas natural para generar energía asequible mientras captura casi todas las emisiones de CO2. Baker Hughes, como proveedor exclusivo de la aplicación a pequeña escala, aprovechará el desarrollo y las pruebas de la instalación de La Porte de Net Power y de la planta de energía a gran escala planificada cerca de Midland, Texas.
La asociación se centra en evaluar la viabilidad y la escalabilidad del mercado industrial, con planes para atraer a socios de desarrollo adicionales para adaptar el concepto a diferentes segmentos de generación de energía.
베이커 휴즈 (NASDAQ: BKR)와 우드사이드 에너지는 넷 파워 플랫폼을 사용하여 저탄소 전력 생성 기술 솔루션을 개발하기 위한 공동 이니셔티브를 발표했습니다. 2022년 양해각서(MoU)를 바탕으로 공식화된 기술 개발 협약(TDA)을 통해 이 협력은 석유 및 가스, 액화 천연가스(LNG) 및 중공업을 위한 솔루션을 만드는 것을 목표로 합니다.
넷 파워 플랫폼은 자연가스를 이용하여 저렴한 전력을 생성하면서 거의 모든 CO2 배출을 포집합니다. 베이커 휴즈는 소규모 애플리케이션의 독점 공급업체로서 넷 파워의 라 포르트 시설과 텍사스 미드랜드 근처에 계획된 대규모 발전소의 개발 및 테스트를 활용할 것입니다.
이번 파트너십은 산업 시장의 실현 가능성과 확장성을 평가하는 데 중점을 두고 있으며, 다양한 전력 생성 세그먼트에 맞게 개념을 조정하기 위해 추가 개발 파트너를 유치할 계획입니다.
Baker Hughes (NASDAQ: BKR) et Woodside Energy ont annoncé une initiative conjointe pour développer une solution technologique de génération d'énergie à faibles émissions de carbone en utilisant la plateforme Net Power. La collaboration, formalisée par un Accord de Développement Technologique (TDA), s'appuie sur leur protocole d'accord de 2022 et vise à créer des solutions spécifiquement pour le secteur pétrolier et gazier, le GNL et les industries lourdes.
La plateforme Net Power utilise du gaz naturel pour générer de l'énergie abordable tout en capturant presque toutes les émissions de CO2. Baker Hughes, en tant que fournisseur exclusif de l'application à petite échelle, tirera parti du développement et des essais de l'installation de La Porte de Net Power et de la centrale électrique à grande échelle prévue près de Midland, au Texas.
Le partenariat se concentre sur l'évaluation de la faisabilité et de l'évolutivité du marché industriel, avec des plans pour attirer des partenaires de développement supplémentaires afin d'adapter le concept à différents segments de génération d'énergie.
Baker Hughes (NASDAQ: BKR) und Woodside Energy haben eine gemeinsame Initiative angekündigt, um eine Technologie zur Erzeugung von Strom mit niedrigeren Kohlenstoffemissionen unter Verwendung der Net Power-Plattform zu entwickeln. Die Zusammenarbeit, die durch eine Technologieentwicklungsvereinbarung (TDA) formalisiert wurde, baut auf ihrem Memorandum of Understanding (MoU) von 2022 auf und zielt darauf ab, Lösungen speziell für Öl- und Gas, LNG und Schwerindustrien zu schaffen.
Die Net Power-Plattform nutzt Erdgas, um kostengünstigen Strom zu erzeugen, während nahezu alle CO2-Emissionen erfasst werden. Baker Hughes wird als exklusiver Anbieter der Kleinanwendung die Entwicklung und Tests von Net Powers Einrichtung in La Porte sowie das geplante Kraftwerk im Utility-Maßstab in der Nähe von Midland, Texas, nutzen.
Die Partnerschaft konzentriert sich auf die Bewertung der Machbarkeit und der industriellen Marktfähigkeit, mit Plänen, zusätzliche Entwicklungspartner zu gewinnen, um das Konzept für verschiedene Stromerzeugungssegmente anzupassen.
- Exclusive provider rights for BKR in small-scale Net Power applications
- Strategic expansion into decarbonization technology market
- Potential for additional partnership opportunities
- Technology still in development phase
- Requires significant testing and validation
- Market scalability yet to be proven
Insights
Baker Hughes' collaboration with Woodside Energy marks a strategic advancement in commercializing Net Power's decarbonization technology at smaller scales for oil & gas operations and heavy industries. This Technology Development Agreement (TDA) progresses their 2022 MoU relationship into concrete action specifically targeting captive power generation with inherent carbon capture capabilities.
The technical significance lies in the exclusivity Baker Hughes maintains for small-scale applications of Net Power's platform—a system that generates power from natural gas while capturing nearly all CO2 emissions. This positions BKR as a key technology provider in the growing industrial decarbonization space, especially for facilities requiring dedicated power generation with minimal carbon footprint.
What's particularly noteworthy is the framework's openness to additional development partners, indicating a collaborative ecosystem approach rather than a closed bilateral effort. This suggests BKR is pursuing an industry-standard solution that could see widespread adoption across multiple sectors requiring smaller-scale carbon capture solutions.
The development leverages ongoing work at Net Power's La Porte demonstration facility and upcoming utility-scale plant in Midland, potentially accelerating commercialization timelines through shared technical learnings. While immediate revenue impact is minimal, this positions Baker Hughes in a high-potential growth segment where industrial customers face mounting pressure to reduce emissions while maintaining reliable power generation capabilities.
This partnership represents Baker Hughes' strategic positioning in the energy transition market rather than an immediate revenue driver. The agreement's value lies in BKR's exclusive provider status for small-scale applications of Net Power's technology, creating potential future recurring revenue streams as industrial customers adopt these solutions.
From a competitive standpoint, this collaboration strengthens Baker Hughes' differentiation in the crowded energy technology space. By focusing on smaller applications for specific industries, BKR targets a practical middle ground between maintaining conventional energy operations and achieving meaningful emissions reductions—a pragmatic approach likely to resonate with customers facing both regulatory pressure and operational requirements.
However, investors should note several uncertainties: the agreement contains no disclosed financial terms, provides no commercialization timeline, and depends on successful technology scaling. The economic viability also hinges on carbon pricing evolution and regulatory frameworks that would incentivize adoption.
The TDA builds on Baker Hughes' broader strategy of maintaining relevance in traditional energy while developing lower-carbon alternatives. While not transformative to near-term financials, it enhances BKR's portfolio of transition technologies that could become increasingly valuable as emissions regulations tighten across industrial sectors. The initiative properly balances technological innovation with commercial pragmatism by focusing on applications where customers have clear operational needs.
- Joint initiative to develop a lower carbon power generation technology solution specifically designed for oil and gas, heavy industries and other smaller scale applications
- Collaboration framework focuses on assessing feasibility and scalability of Net Power’s platform and is open to other potential contributors
HOUSTON and LONDON, March 06, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, and Woodside Energy (ASX: WDS; NYSE: WDS), a leading Australian energy company, announced Thursday a joint initiative to develop a lower carbon power generation technology solution utilizing the Net Power (NSYE: NPWR) platform that is specifically designed for oil and gas (including LNG), heavy industries and other smaller scale applications.
Building on their 2022 Memorandum of Understanding (MoU), which aimed to advance the decarbonization of the natural gas supply chain, Baker Hughes and Woodside have now signed a Technology Development Agreement (TDA), to develop the small-scale Net Power platform. The patented Net Power platform works by utilizing natural gas to generate affordable power while inherently capturing nearly all carbon dioxide (CO2) emissions.
Baker Hughes and Woodside aim to bring other development partners into the program to tailor the concept to the continuously evolving requirements of different captive power generation segments.
Through the TDA, the program will also focus on assessing feasibility and industrial market scalability of Net Power’s platform.
Baker Hughes is the exclusive provider of the small-scale application of the Net Power platform, and the TDA will benefit from the development and testing currently ongoing both at Net Power’s La Porte, Texas, demonstration facility and the company’s planned first utility-scale power plant near Midland, Texas.
“We are excited to continue our collaboration with Baker Hughes and leverage their leading-edge technology and our combined engineering and CCUS capabilities to explore and develop lower-carbon emissions alternative power solutions using Net Power’s platform," said Woodside Executive Vice President Technical and Energy Development Julie Fallon. "This agreement further strengthens our long-standing relationship across the natural gas value chain and our shared journey in the energy transition."
“Baker Hughes is committed to providing innovative solutions that support the decarbonization of the energy and industrial sectors, and we are honored to share this journey with our long-standing customer Woodside Energy,” said Alessandro Bresciani, senior vice president of Climate Technology Solutions at Baker Hughes. “We believe this framework represents the partnerships and collaborations necessary to develop and scale the energy solutions that support decarbonization while also meeting the world’s growing energy demand.”
“Net Power applauds the enhanced collaboration between Woodside and our partner Baker Hughes. This work has the potential to bring our technology platform to a broader array of end markets and applications, complementing our utility-scale program and strategy,” said Danny Rice, chief executive officer of Net Power. “Today’s announcement is a tangible commitment to continue technology innovation and market development for the Net Power platform and to bring ultra-low emissions energy solutions to a power-hungry world.”
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 Woodside Energy
Woodside is a global energy company founded in Australia, providing reliable and affordable energy to help people lead better lives.
For more information, please contact:
Baker Hughes Media Relations
Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com
Woodside Energy Media Relations
Rob Young
+1 281-790-2805
robert.young@woodside.com
Baker Hughes Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
FAQ
What is the purpose of Baker Hughes and Woodside Energy's new collaboration agreement?
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