Baker Hughes and Horisont Energi Sign MoU for Groundbreaking Offshore Barents Sea Carbon Capture, Transport and Storage Project
March 23 2021 - 3:00AM
Business Wire
- Baker Hughes and Horisont Energi will jointly explore
development and integration of technologies for the Polaris carbon
storage project in Norway
- Companies will also collaborate on new processes and
technologies across the CCTS value chain for the energy
industry
- Baker Hughes continues to focus on collaboration in new energy
frontiers to commercialize CCTS technologies for the energy
transition
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.
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210323005357/en/
Investor Relations For Baker Hughes: Jud Bailey +1
281-809-9088 investor.relations@bakerhughes.com For Horisont
Energi: Dan Jarle Flølo (CFO) +47 901 13 159 djf@horisontenergi.com
Media Relations For Baker Hughes: Kelly Russell +1 713 548
4176 Kelly.Russell@BakerHughes.com For Horisont Energi: Marianne
Stigset +47 41 18 84 82 Marianne.Stigset@corpcom.no
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