The Strategist

US SLB buys CO2 capture company for $400 mln

03/29/2024 - 02:22

The US oilfield services business SLB (formerly Schlumberger) has made a NOK 4.1 billion ($382 million) investment in the Norwegian business Aker Carbon Capture (ACC), which creates technology for atmospheric carbon dioxide capture.

Nick Humphries
Nick Humphries
A joint venture will be established as a result of the agreement, with Schlumberger owning 80% and ACC stockholders owning 20%. Schlumberger is anticipated to invest about $120 million in the joint venture over the course of the next three years, contingent on the company's performance. The deal is expected to close in the second quarter.

Carbon dioxide is utilized in trash incineration, the cement industry, bioenergy, and other applications. ACC has developed equipment to extract carbon dioxide from the atmosphere. 

The transportation and energy sectors have seen a significant increase in the development of CO2 capture initiatives in recent years. Amazon Corporation joined the STRATOS initiative last year as a co-investor in an effort to remove carbon dioxide from the environment.