Baker Hughes Partners with NET Power to Advance Development and Global Deployment of Zero-Emissions Power Plants
22 Février 2022 - 2:00PM
Business Wire
- NET Power advances development and commercial deployment of its
proprietary process to produce emission-free and low-cost electric
power
- Baker Hughes joins as an established industrial energy partner
and will support with clean integrated power technology and
services, including the development of supercritical CO2
turboexpanders, to accelerate market positioning and
deployment
- Technology solution meets growing demand for low-cost clean
energy, and provides CO₂ for industrial and oil and gas industries
and for sequestration
Baker Hughes (NASDAQ:BKR), an energy technology company, has
joined a strategic partnership with and invested in NET Power to
advance the technical and commercial deployment of NET Power’s
low-cost, electric power system that generates no atmospheric
emissions and inherently captures all carbon dioxide (CO2). The
partnership, which brings together industry expertise to enable the
global deployment of NET Power’s technology solution, already
includes McDermott; Constellation; Oxy Low Carbon Ventures, a
subsidiary of Occidental; and 8 Rivers Capital.
Baker Hughes will apply its advanced technology capability to
develop supercritical CO2 turboexpanders and other critical pumping
and compression technology for NET Power plants. In addition, Baker
Hughes will bring its system integration and process knowledge
experience to the partnership in support of accelerating market
deployment.
NET Power is working with clients worldwide to develop
utility-scale NET Power plants, with initial projects aiming to
come online in the next four years.
Global goals for net-zero carbon emissions and the growing need
for low-cost CO₂ that can be either sequestered, or utilized in
industrial processes is creating the right market conditions for
the adoption of clean and reliable energy generation. NET Power’s
technology uses natural gas and oxygen to fuel a supercritical CO2
cycle that generates electricity, while also capturing CO2. The
clean power plants enabled through this technology will operate
with high efficiency and produce only electricity, water, and
pipeline-ready or sequestration-ready CO2 that will be permanently
locked away from the atmosphere.
To rapidly deploy this solution, NET Power will license its
technology to global customers seeking to decarbonize the energy
and industrial sectors. NET Power’s zero-emission, flexible and
rapidly-dispatchable energy can also help balance variable power
sources like solar and wind, helping the world decarbonize faster
and with lower cost.
“We are excited to join other global leaders and innovators to
help reduce greenhouse gas emissions by advancing step changes in
critical infrastructure, including clean integrated power,” said
Rod Christie, executive vice president of Turbomachinery &
Process Solutions at Baker Hughes. “NET Power’s emissions-free
power technology solution is driven by advances in clean power
efficiency and carbon capture which are key enablers and
demonstrate the vital role climate technology plays in enabling the
energy transition.”
“Having recently demonstrated the NET Power technology with the
synchronization of our La Porte, Texas, plant to the grid, NET
Power now welcomes Baker Hughes into NET Power,” said Ron
DeGregorio, CEO of NET Power. “Our focus now shifts excitedly to
full commercialization and global deployment, and the world-class
experience of Baker Hughes fully completes and strengthens the NET
Power team’s plan to deliver this innovative clean-energy
system.”
With the addition of Baker Hughes, NET Power has added a key
energy technology and services supplier with advanced
market-leading technology and scalability, helping to solidify its
commercial deployment pathway.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that
provides solutions for 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 NET Power, LLC
The mission of NET Power is to provide advanced clean energy to
consumers worldwide by generating lower-cost power with zero
emissions. NET Power is a clean energy technology company that
promotes, develops, and licenses a proprietary process for
efficiently generating electricity from natural gas while capturing
all CO2 emissions. NET Power’s revolutionary technology promises to
enable the world to meet its climate goals without paying more for
electricity. The company is co-owned by and benefitted by the
support of Constellation, McDermott International, 8 Rivers
Capital, Oxy Low Carbon Ventures, a subsidiary of Occidental, and
Baker Hughes. For more information, please visit
www.NETPower.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220222005455/en/
Media Relations
For Baker Hughes: Chiara Toniato +39 346 382 3419
Chiara.toniato@bakerhughes.com
For NET Power: Jeff Philips (708) 299-4847
jphilips@kivvit.com
Baker Hughes Investor Relations:
Jud Bailey +1-281-809-9088
investor.relations@bakerhughes.com
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