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Baker Hughes Company (BKR), a leading energy technology company, and Woodside Energy have strengthened their collaboration to develop a small-scale decarbonization solution leveraging Net Power’s innovative platform. The companies announced a new Technology Development Agreement (“TDA”) aimed at advancing low-carbon power generation solutions tailored for oil and gas, heavy industries and other applications.
The initiative builds upon a 2022 Memorandum of Understanding (MoU) between Baker Hughes and Woodside that focused on reducing emissions across the natural gas supply chain. It follows Baker Hughes’ July 2024 agreement with Woodside, in which the company signed a 10-year service frame agreement to support the latter’s LNG operations in Australia with critical spare parts, maintenance services and digital asset performance solutions.
The patented Net Power platform generates electricity using natural gas while capturing nearly all associated carbon dioxide (CO2) emissions. Baker Hughes holds exclusive rights to the platform’s small-scale applications, positioning it as a leader in industrial decarbonization solutions.
The TDA will assess the feasibility of scaling Net Power’s technology to different industrial needs, with plans to incorporate additional development partners to refine the solution. The research and testing will benefit from Net Power’s demonstration facility in La Porte, TX, and its first utility-scale plant in Midland, TX.
Julie Fallon, Woodside’s executive vice president of Technical and Energy Development, highlighted the company’s commitment to leveraging cutting-edge carbon capture and utilization technologies with Baker Hughes. Alessandro Bresciani, Baker Hughes’ SVP of Climate Technology Solutions, reaffirmed the company’s dedication to decarbonization while addressing global energy demands.
Net Power CEO Danny Rice welcomed the partnership’s potential to expand the company’s reach beyond utility-scale projects, bringing ultra-low-emissions energy solutions to a broader market.
This collaboration highlights Baker Hughes’ growing role in industrial decarbonization and strengthens its position in the transition toward cleaner energy solutions.
Zacks Rank & Key Picks
Currently, Baker Hughes carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Antero Resources Corporation AR, NextDecade Corporation NEXT and EOG Resources, Inc. EOG. While Antero Resources presently sports a Zacks Rank #1 (Strong Buy), NextDecade and EOG Resources carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.