SLB and Aker Carbon Capture (ACC) have closed their previously announced joint venture, the companies said in a June 14 press release.

In March, SLB said it would pay about $380 million to combine its carbon capture business with that of Aker Carbon Capture, acquiring a majority stake in the Norway-based company.

The new company will be headquartered in Oslo with SLB owning 80% of the new company and ACC ASA owning the remaining 20% stake.

The new company will combine ACC’s amine-based Advanced Carbon Capture technologies with SLB’s portfolio of technology solutions to support industrial decarbonization at scale. The company currently has seven technology installations in progress that will have the capacity to capture 1 million tonnes of CO2 emissions per year.

“There is no credible pathway toward net zero without deploying carbon capture and sequestration at scale,” Gavin Rennick, president of SLB’s New Energy business, said in a press release. “In the next few decades, many industries that are crucial to our modern world must rapidly adopt CCS to decarbonize. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally.”