(Bloomberg) -- Baker Hughes Co., one of the world's biggest oilfield servicers, bought technology that enables companies to capture carbon emissions with a view to storing them underground as the industry faces growing pressure over its contribution to climate change.
Baker Hughes acquired a company called Compact Carbon Capture, according to a statement Tuesday. Terms weren't disclosed. The deal brings technology that pulls in carbon emissions more efficiently than rival methods do, Baker Hughes said.
Carbon capture is one of the oil industry's favored ways of reducing its environmental impact. Though the goal is to take carbon dioxide and store it underground in a secure rock formation, the cost to capture carbon in a concentrated enough stream and funnel it away remains high. Adoption of the technology has so far been slow, but a recent U.S. tax break is providing more incentives.
Compact Carbon Capture's “rotating bed technology enhances the carbon capture process, resulting in up to 75% smaller footprint and lower capital expenditures,” Baker Hughes said.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
