Baker Hughes Co. and Fortescue Future Industries (FFI) signed a memorandum of understanding to explore potential opportunities to scale up and create green hydrogen, green ammonia and geothermal technology solutions together, according to a press release on Jan. 30.

Announced at Baker Hughes' 23rd annual meeting in Florence, Italy, the company will provide its existing liquefaction and compression, turboexpanders and hydrogen-fueled turbines technologies for green hydrogen and green ammonia development.

Additionally, Baker Hughes will provide geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection technologies as the companies work together to help decarbonize hard-to-abate sectors such as mining, steel and cement.

"FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition," Baker Hughes chairman and CEO Lorenzo Simonelli said at the meeting. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions."

Headquartered in East Perth, Australia, FFI is a global green energy company leading production in green hydrogen and green ammonia to create zero-carbon fuels.

"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," FFI CEO Mark Hutchinson added. “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."