SLB (NYSE: SLB) and Aker Carbon Capture (ACC) have announced the closing of their previously announced joint venture aimed at accelerating industrial decarbonisation through carbon capture technologies.

Gavin Rennick, president of SLB’s New Energy business, emphasised the necessity of deploying carbon capture and sequestration (CCS) at scale to achieve net-zero emissions, stating: “There is no credible pathway toward net zero without deploying CCS at scale. In the next few decades, many crucial industries must rapidly adopt CCS to decarbonise. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally.”

The joint venture will combine ACC’s amine-based Advanced Carbon Capture technologies, including Just Catch and Big Catch modular plant technologies for medium- and large-scale facilities, and Just Catch Offshore for offshore gas turbines, with SLB’s portfolio of technology solutions, such as non-aqueous solvents and emerging sorbent-based offerings.

The company currently has seven technology installations in progress capable of capturing up to one million tonnes of CO2 emissions per year.

Egil Fagerland, the newly appointed Chief Executive Officer of the SLB–Aker Carbon Capture joint venture, emphasised the urgency of accelerating decarbonisation efforts, stating: “There is no business as usual in the push toward net zero — we will accelerate decarbonisation today and commercialise innovative technologies for the future.”

He highlighted the joint venture’s role in delivering carbon capture plants across various industries, paving the way for other emitters to follow.

The new company will be headquartered in Oslo, Norway. SLB owns 80 per cent of the joint venture, while ACC ASA owns the remaining 20 per cent stake.