According to Levidian, LOOP decarbonises methane by cracking it into hydrogen and graphene, the former of which can can be used immediately as a hydrogen-rich gas blend to support industrial decarbonisation, while the latter can be used to improve the performance of a wide range of materials including consumer electronics and sporting goods. The containerised LOOP system is claimed to seamlessly dock with existing infrastructure and could help businesses reduce carbon emissions by up to 40 per cent by using a cleaner hydrogen-methane blend on site.
Levidian says the investment, which values the company at approximately £130m, will create around 100 jobs and bolster production of more LOOPs to convert methane into fuels of the future. The deal will also enable Baker Hughes to diversify its energy portfolio, which has traditionally been rooted in oil field services.
“This investment comes at a critical phase of Levidian’s development,” said Levidian CEO John Hartley.
“Baker Hughes has a long track record in energy technology and their expertise will be valuable as we scale Levidian quickly to meet the growing demand for decarbonisation, especially from the industrial sectors. Their commitment is a strong endorsement of our LOOP technology, our graphene, and our team.”
Luca Maria Rossi, VP – New Frontiers at Baker Hughes, will take up a seat on Levidian’s board as part of the deal.
“We continue to show our commitment to advancing our climate goals by investing in innovative technologies,” said Rossi.
“Graphene is a game-changing material for many applications and Levidian’s technology stands out with its consistent high-quality product. The joint production of graphene and hydrogen will also enable economically effective decarbonisation of hard-to-abate sectors.”