Norway – Aker Carbon Capture has signed an agreement with SLB to merge their carbon capture businesses.
By combining their expertise and resources, ACC and SLB seek to harness the power of carbon capture, utilization, and sequestration (CCUS) technologies to combat climate change. The partnership will capitalize on ACC’s commercial carbon capture products and SLB’s technology developments, creating a platform to introduce innovative solutions to the market.
The International Energy Agency (IEA) identifies CCUS as a pivotal tool in achieving net-zero emissions targets, highlighting the urgent need for scaled-up deployment. With projections estimating the capture of over one gigaton of CO2 per year by 2030, and six gigatons by 2050, initiatives like the ACC-SLB partnership are poised to play a crucial role in driving sustainable future.
Transaction
The agreement between ACC and SLB involves the acquisition of 80% of ACC’s shares by SLB, valued at NOK 4.12 billion. Additionally, ACC will retain NOK 0.40 billion in cash and be entitled to performance-based payments of up to NOK 1.36 billion. The transaction is expected to close by the end of the second quarter of 2024, subject to regulatory approvals.
