Baker Hughes Signs MoU for Polaris carbon storage project
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.”
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