Global technology company SLB has signed a deal to purchase an 80% stake in Aker Carbon Capture Holding for $380m to support industrial decarbonisation.
Combined, it is hoped that the pair will create a vehicle for accelerating the introduction of disruptive early-stage technology into the global market on a commercial platform.
Under the deal terms, SLB may also make additional payments of up to $125m over the next three years based on the performance of the business.
Olivier Le Peuch, CEO of SLB, said that, for CUUS to have the expected impact on supporting global Net Zero ambitions, it will need to scale up 100-200 times in less than three decades.
He continued, “Crucial to this scale-up is the ability to lower capture costs, which often represent as much a 50-70% of the total spend of a CCUS project.”
“We are excited to create this business with ACC to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.”
The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter of 2024.
The International Energy Agency (IEA) sees carbon capture, utilisation, and sequestration (CCUS) playing a critical role in the net-zero transition—estimating that over one gigatonne of CO2 per year will need to be captured by 2030, scaling up to over six gigatonnes by 2050.
Aker Carbon Capture is currently delivering seven carbon capture plants. In the Netherlands, Aker Carbon Capture is in the final stages of delivering a Just Catch 100 at the Twence waste-to-energy facility.
The company’s Just Catch technology can be delivered with capacities of 40,000, 100,000 and 400,000 tonnes of CO₂ per year. The standard CO₂ delivery is in gas form higher than 99.9% purity. Different CO₂ qualities can be provided to meet the specifications of the customer.
Earlier this week, the company signed a Memorandum of Understanding (MoU) with CO280 to develop multiple large-scale CO2 removal projects to decarbonise the pulp and paper industry.
Read more: Aker Carbon Capture and CO280 to decarbonise pulp and paper mills in North America
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