The companies plan to jointly develop green hydrogen, green ammonia and geothermal projects. [Image: Baker Hughes]

By Shardul Sharma

Nasdaq-listed Baker Hughes has signed a memorandum of understanding (MoU) with Australia’s Fortescue Future Industries (FFI) to jointly develop green hydrogen, green ammonia and geothermal projects, it said on January 30.

For hydrogen and ammonia development, the collaboration will leverage Baker Hughes’ expertise and technology related to liquefaction and compression, turboexpanders and hydrogen-fuelled turbines. For geothermal, Baker Hughes will provide its expertise for existing technologies in geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection, as well as digital solutions for asset performance management and process optimization.

“FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are excited to support FFI in its ambitions for a more sustainable future.”

The MoU was announced at the 23rd Baker Hughes Annual Meeting in Florence, Italy.

“There is enormous demand for green hydrogen and green energy, and engineering solutions such as those pioneered by Baker Hughes are vital to increasing supply,” said Mark Hutchinson, CEO of Fortescue Future Industries. “We look forward to working with Baker Hughes on a variety of projects that will help to enable industries and the world to move beyond fossil fuels.”