Baker Hughes strengthens carbon capture portfolio with acquisition of Compact Carbon Capture

June 03, 2021 | Case Study

In November 2020, Baker Hughes announced its acquisition of Compact Carbon Capture (3C) for an undisclosed amount. 3C had previously raised $20 million in nondilutive funding from investors including Equinor, Repsol, and Climit and was seeking an additional $18 million by the end of 2020 to support its commercialization efforts. Following the acquisition, Baker Hughes also acquired an exclusive license from SRI International in March 2021 to use its mixed potassium and ammonia salt process for post-combustion CO₂ capture that uses environmentally friendly solvent formulations with a low carbon footprint, reduced energy consumption, and improved efficiency. Outside of carbon capture, the service company has focused on growing its digital transformation portfolio through several acquisitions and joint ventures in asset management, predictive maintenance, and autonomous systems.