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distributed energy, have announced and
agreed to collaborate on the potential
commercialization and deployment of
integrated, low carbon power-generation and
hydrogen solutions to advance the energy
transition.
Baker Hughes and Bloom Energy will
begin collaborating on potential customer
engagements immediately, with the objective
of launching pilot projects over the next 2-3
years and fully commercializing and scaling
applications, products and solutions shortly
thereafter. The companies will focus efforts in
three areas:
Integrated power solutions: By leveraging
Bloom Energy’s solid oxide fuel cell
technology (SOFC) and Baker Hughes’ light-
weight gas turbine technology, the companies
“We have also continued the strategic effort thank everyone for their continued confidence intend to provide efficient, resilient, and
to reposition our company for long term in our business,” said Tom Burke, president cost-effective solutions for cleaner energy
success, both through the pending Speedway and chief executive officer of Valaris. “The last generation, waste heat recovery, and grid
sale and our investments in renewables 12 months have been challenging from many independent power for customers.
projects. The Speedway transaction is close to perspectives. However, I am immensely proud Bloom Energy’s efficient and low emissions
completion, and we reiterate our commitment of our employees’ hard work and commitment SOFCs, Baker Hughes’ efficient and flexible
to use proceeds from this transaction to over this period. Our offshore crews NovaLT gas turbines – which can run on up
strengthen the balance sheet and return and shore-based staff remain focused on to 100% hydrogen - along with heat recovery
capital to shareholders. Our board of directors delivering safe, efficient and reliable drilling turbines can create resilient microgrids ideal
approved the conversion of the Martinez services to our customers.” for large-scale applications.
refinery, and we are excited that, once Burke continued: “In the current Integrated hydrogen solutions: The
permitting, engineering, and implementation commodity price environment, we are companies will explore opportunities to
are complete, Martinez will be one of the beginning to see the early signs of a recovery pair Bloom Energy’s solid oxide electrolyser
largest renewables facilities in the country.” in customer demand following the downturn cells (SOEC) that can produce 100% clean
MARATHON PETROLEUM, May 04, 2021 caused by the COVID-19 pandemic. With hydrogen with Baker Hughes’ compression
the elimination of more than $7 billion of technology for efficient production,
debt and an injection of significant additional compression, transport, and delivery of
SERVICES capital, Valaris is best positioned to take hydrogen. Waste heat utilization for steam
advantage of opportunities going forward.” generation will also be assessed to further
Valaris successfully fleet of modern, high-specification assets in increase efficiency and cost effectiveness of
The Valaris Group emerges with the largest
hydrogen production. The companies will
completes restructuring the industry. The Company’s 11 drillships, five target applications such as blending hydrogen
semisubmersibles and 44 jackups are capable
into natural gas pipelines, as well as on-site
Valaris today announced that, on April 30, of meeting a broad spectrum of customers’ hydrogen production for industrial use. These
2021, the Valaris Group has successfully requirements across all geographies. efforts are geared toward accelerating the
completed its financial restructuring and VALARIS, May 03, 2021 transition to the hydrogen economy.
emerged from Chapter 11. The Valaris Group’s Bloom Energy’s SOEC technology coupled
Plan of Reorganization was approved and with Baker Hughes’ compression technology
confirmed by the United States Bankruptcy ENERGY TRANSITION could facilitate faster adoption of hydrogen in
Court for the Southern District of Texas on process industries such as steel refining, where
March 3, 2021. Valaris now moves forward Baker Hughes and Bloom the use of heat recovery from the steel-making
with a strengthened capital structure, process could deliver higher overall system
eliminating $7.1 billion of debt and securing Energy to collaborate efficiencies and customer value.
a $520 million capital injection by issuing Mutual technical collaborations: The
$550 million of new secured notes maturing on efficient power and companies will assess opportunities to
in 2028. As of April 30, 2021, Valaris had leverage Baker Hughes’ broad technology
$615 million of available cash, $40 million of hydrogen solutions portfolio and Bloom Energy’s SOFC and
restricted cash and $550 million of debt. SOEC solutions. In addition to hydrogen
“Today marks an important milestone to accelerate energy and clean power, areas of collaboration
as the company emerges from Chapter 11 may include carbon capture and emissions
with a significantly strengthened capital transition monitoring technologies, digital solutions,
structure. The overwhelming support of and additive manufacturing capabilities.
our noteholders, bank lenders and voting Baker Hughes, an energy technology BAKER HUGHES AND BLOOM ENERGY, May 05,
shareholders has been invaluable. I want to company, and Bloom Energy, a leader in 2021

Week 18 06•May•2021 www. NEWSBASE .com P13