Baker Hughes (NASDAQ: BKR), an energy technology company, and HIF Global, the world's leading eFuels company, announced Tuesday (March 7) their agreement to cooperate on the development of technology to capture carbon dioxide directly from the atmosphere ("CO2 Direct Air Capture" or "DAC"). More specifically, HIF Global and Baker Hughes intend to test Baker Hughes' Mosaic DAC technology pilot units to accelerate DAC deployment at commercial scale.
Cesar Norton, HIF Global CEO, said, "Groundbreaking technologies like Mosaic that enable efficient, low-cost CO2 capture from our atmosphere represent the future of CO2 recycling. Cooperation with our partner Baker Hughes on this important DAC initiative accelerates our plan to capture 25 million tons per year of CO2 and combine it with green hydrogen to produce 150,000 barrels per day of eFuels and decarbonize over 5 million vehicles in use today."
"Collaboration is key to supporting and accelerating the energy transition to address climate change, and we are pleased to work alongside HIF to support their significant efforts in deploying eFuels at scale, leveraging our Mosaic DAC technology," said Lorenzo Simonelli, chairman and CEO of Baker Hughes. "This milestone agreement further illustrates the strength of Baker Hughes' extended portfolio of Climate Technology Solutions, which includes a variety of CCUS technologies, and validates our strategy and commitment toward decarbonization."
Acquired by Baker Hughes in April 2022 to enhance its carbon capture, utilization and storage (CCUS) portfolio, Mosaic Materials is focused on developing a proprietary direct air capture technology using Metal-Organic Framework (MOF) materials that can be used to separate CO2 from the atmosphere. Baker Hughes is leveraging its advanced capabilities, including modular design and material science, to develop and scale Mosaic's innovative technology with the goal to enable direct air capture with higher efficiency and lower cost.
HIF has two pioneering sites where it anticipates possible deployment of Baker Hughes' Mosaic DAC technology. In Chile, the HIF Haru Oni eFuels Facility began producing its first fuels in December 2022 in Magallanes. The eFuels facility produces green hydrogen from wind electricity and water and combines the hydrogen with recycled carbon dioxide to produce eFuels, synthetic fuels that can be dropped-in to existing vehicles without any modifications to their engines. HIF Global is also completing the engineering for the first world scale eFuels facility in Matagorda County, Texas, and expects to begin construction in 2024.
Baker Hughes has more than 20 years of experience in CCUS technologies. The company's portfolio of CCUS solutions, technologies, and services includes: pre-FEED and FEED consultation, project design, capture and purification, fit-for-purpose CO2 compression technology, well design and construction for storage, carbon transportation and injection, and monitoring and site stewardship.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to 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 HIF Global
HIF Global is the world's leading eFuels company, developing projects to convert hydrogen using low-cost renewable power into carbon-neutral liquid eFuels that can be transported and utilized in existing infrastructure. The name HIF represents the mission of the company: to provide Highly Innovative Fuels to make decarbonization of the planet possible. HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA are wholly owned subsidiaries of HIF Global. HIF Global produced the first liters of synthetic Fuels from the Haru Oni Demonstration Facility in Magallanes, Chile in December 2022 and intends to begin construction of the commercial scale HIF Matagorda eFuels Facility in Texas in 1Q2024. For more information, visit www.hifglobal.com.
For more information, please contact:
Media Relations
Baker Hughes Media Relations:
Chiara Toniato
+39 346 382 3419
Chiara.toniato@bakerhughes.com
HIF Global
Eva Bandola
+1 (630) 956 1776
bandola@cgcn.com
Investor Relations:
Jud Bailey
+1-281-809-9088
investor.relations@bakerhughes.com
