SLB and Aker Carbon Capture seal industrial decarbonization JV deal

In a landmark development for the carbon capture industry, SLB (formerly Schlumberger Limited) and Aker Carbon Capture (ACC) have officially closed their much-anticipated joint venture (JV), setting the stage for enhanced industrial decarbonization efforts on a global scale. The deal, valued at approximately NOK 4.12 billion (around USD 440 million), sees SLB acquiring an 80% stake in the newly formed entity, Aker Carbon Capture Holding AS (ACCH), which encapsulates ACC’s business operations. Additionally, SLB may extend up to NOK 1.36 billion (about USD 145 million) in performance-based payments over the next three years.

The newly established joint venture combines the strengths of both companies, merging ACC’s cutting-edge amine-based Advanced Carbon Capture technologies with SLB’s innovative non-aqueous solvent and emerging sorbent-based solutions. This fusion creates a robust platform for medium to large-scale carbon capture projects, including the Just Catch and Big Catch modular plant technologies and Just Catch Offshore for offshore gas turbines.

Currently, the joint venture boasts seven technology installations capable of capturing up to 1 million tonnes of CO2 emissions annually. These installations are instrumental in demonstrating the scalability and effectiveness of combined carbon capture solutions across various industrial applications.

Gavin Rennick, president of SLB’s New Energy business, emphasized the critical role of carbon capture technology in achieving net zero targets, stating, “There is no credible pathway toward net zero without deploying carbon capture and sequestration (CCS) at scale. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally.”

Egil Fagerland, appointed Chief Executive Officer of the joint venture, highlighted the strategic importance of the collaboration: “There is no business as usual in the push toward net zero—we will accelerate decarbonization today and commercialize innovative technologies for the future. 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.”

Headquartered in Oslo, the joint venture is poised to become a hub for innovation and a vehicle for introducing groundbreaking early-stage technologies to the market. By leveraging both ACC’s established commercial products and SLB’s new technological advancements, the company aims to significantly influence the global push towards sustainable industrial practices.