SLB and Aker Carbon Capture Announce Closing of Carbon Capture Joint Venture
The joint venture will enable wider adoption of market-ready and new carbon capture technologies for power and hard-to-abate industrial sectors worldwide.
HOUSTON and OSLO, Norway, June 14, 2024 /PRNewswire/ -- SLB (NYSE: SLB) and Aker Carbon Capture (ACC) announced today the closing of their previously announced joint venture. The new company combines technology portfolios, expertise and operations platforms to support accelerated carbon capture adoption for industrial decarbonization at scale.
"There is no credible pathway toward net zero without deploying carbon capture and sequestration (CCS) at scale," said Gavin Rennick, president of SLB's New Energy business. "In the next few decades, many industries that are crucial to our modern world must rapidly adopt CCS to decarbonize. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally."
The new company will combine ACC's amine-based Advanced Carbon Capture™ technologies, including Just Catch™ and Big Catch™ modular plant technologies for medium- and large-scale facilities, and Just Catch Offshore™ for offshore gas turbines, with SLB's portfolio of technology solutions, including non-aqueous solvent and emerging sorbent-based offerings. The company currently has seven technology installations in progress that have the capacity to capture up to 1 million tonnes of CO2 emissions per year.
"There is no business as usual in the push toward net zero-we will accelerate decarbonization today and commercialize innovative technologies for the future," said Egil Fagerland, newly appointed Chief Executive Officer of the SLB-Aker Carbon Capture joint venture. "We are proud of the carbon capture plants we are delivering across various industries, with each customer being an important front-runner in its segment. Successful project deliveries are paving the way for other emitters to follow," continued Fagerland.
The new company will be headquartered in Oslo. SLB owns 80% of the new company while ACC ASA owns the remaining 20% stake.
Media contacts:
ACC ASA: Stian Andreassen, mob: +47 458 36 358, email: stian.andreassen@akerhorizons.com
SLB: Moira Duff, mob: +1 (713) 375-3407, email: media@slb.com
JV: Hanne Rolén, mob: +47 990 02 571, email: hanne.rolen@akercarboncapture.com
Investor contacts:
ACC ASA: David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com
SLB: James R. McDonald and Joy V. Domingo, mob: +1 (713) 375-3535 , email: investor-relations@slb.com
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