US Baker Hughes Company announced that it has signed a memorandum of understanding (MoU) with Norwegian Horisont Energi company for Polaris carbon storage project, off the northern coast of Norway, a press release issued by Baker Hughes cited.
According to the agreement, both companies will find the developed and integrated technologies to reduce the carbon footprint, cost, and delivery time of carbon capture, transport, and storage (CCTS).
On this occasion, 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.”
From Baker Hughes side, Uwem Ukpong, executive vice president of regions, alliances and enterprise sales said “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 at Baker Hughes.
The project is expected to have a total capacity of carbon storage exceeding 100 million tons which is equivalent to the annual greenhouse gas emissions in Norway. The construction phase is projected to commence in Q2 of 2022. This partnership boosts the commitment of the two companies to decarbonize the energy industry.