Baker Hughes invests in turquoise hydrogen
Canada
VANCOUVER, November 10, 2021 – Baker Hughes has invested in Canada’s Ekona Power for its developments in turquoise hydrogen, the US oilfield services company announced on Tuesday.
The investment will see Baker Hughes take a 20% stake in the technology company and assume a seat on its board of directors.
Turquoise hydrogen is created from methane using pyrolysis or cracking and can be used in refineries, ammonia and chemical plants and natural gas transmission and distribution.
Vancouver-based Ekona Power’s technology greatly reduces the greenhouse gas emissions involved in the process.
Additionally, the new method is not based on carbon dioxide sequestration, allowing it to be rapidly used across various industries and markets.
“Our innovative technology has the potential to produce hydrogen at costs on par with conventional steam methane reformers, while drastically reducing greenhouse gas emissions.” said Chris Reid, CEO of Ekona Power.
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