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Baker Hughes acquires shares in Ekona Power

Baker Hughes acquires shares in Ekona Power

Baker Hughes (an energy technology company) has announced an investment in Ekona Power Inc. (a company developing novel turquoise hydrogen production technology).

The investment will allow Baker Hughes to enhance its broader hydrogen and natural gas decarbonisation solutions portfolio. Baker Hughes will take about a 20% stake in Ekona to help advance new project development and commercialisation. Other supporters of Ekona technology include various Canadian federal and provincial partners.

The two companies will aim to accelerate the scale-up and industrialisation of the technology by identifying suitable pilot projects and leveraging Baker Hughes’ leading turbomachinery portfolio and technical expertise in providing modular and scalable solutions for global hydrogen and natural gas projects.

Turquoise hydrogen is made from methane using pyrolysis, also known as splitting or cracking. Ekona’s methane pyrolysis solution uses combustion and high-speed gas dynamics in a reactor to separate feedstock methane into hydrogen and solid carbon, drastically cutting CO2 emissions compared to the traditional and prevalent steam methane reforming process. The technology is not reliant on CO2 sequestration, so it has the potential to be quickly and broadly deployed across various industries and market regions.

Rod Christie, executive VP at Baker Hughes, said, “Through the adoption of this technology, the industry can leverage existing and abundant natural gas reserves to produce lower carbon hydrogen and accelerate its use across the energy value chain.”

Chris Reid, CEO of Ekona Power Inc, commented, “This important investment from Baker Hughes who is an established global player is a key step to commercialising our technology.”

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