US energy technology giant Baker Hughes has backed decarbonisation tech firm Levidian with £12 million investment.
The deal values the Cambridge EnviroTech at £130m and ‘opens up global collaboration opportunities’.
Levidian’s LOOP technology decarbonises methane by cracking it into its components: carbon (in the form of graphene) and hydrogen. The hydrogen can be used immediately as a hydrogen-rich gas blend, supporting industrial decarbonisation, or separated and stored.
The graphene can be added to a wide range of materials to extend their life, improve their performance, and deliver additional decarbonisation benefits. This technology will enable Baker Hughes to expand its current core offerings and provide decarbonised solutions to adjacent sectors and industries.
“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 join the company’s board.
He added: “We continue to show our commitment to advancing our climate goals by investing in innovative technologies.
“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 decarbonization of hard-to-abate sectors.”