Building Momentum: Driving New Energy Forward in 2025 and Beyond

The global energy transition to a low-carbon future poses many challenges. There’s no silver bullet and a diverse range of technologies, some of which have yet to be created, will need to be deployed – globally. While some technologies are already maturing (e.g. solar, wind), others, like carbon capture and storage (CCS), need rapid acceleration to achieve scale.

Current global CCS capacity is 49 million tons of CO₂ annually, and this must increase 100-200 times to create a viable path to achieving net-zero targets.

“We are in a momentum-building phase,” says Gavin Rennick, president of New Energy at SLB. “But to decarbonize and accelerate the energy transition requires the full value chain to work at scale, for each specific industry.” This includes investing in new technologies, customizing these to specific use cases, proving techno-economics, securing appropriate financing for large-scale projects, reducing regulatory barriers, and increasing collaboration along the value chain. As a global energy technology company that is driving energy innovation for a balanced planet, we are uniquely positioned in this effort, leveraging our ability to develop, industrialize and deploy technologies at scale.

Gaining momentum

To gain momentum requires leading companies to complete the first “flagship” projects successfully.

Large-scale decarbonization projects are complex, and require complex project structures and partnerships, significant innovation, collaboration across a broad range of stakeholders — and perseverance to first achieve FID, then successful startup and operation. We are constantly working with customers to ensure the technical and economic feasibility of projects involving our technology across industrial decarbonization, renewables and energy efficiency, and critical minerals development.

Industrial decarbonization

SLB is committed to driving industrial decarbonization. "In the next few decades, many high-emissions industries must adopt CCS, alongside other process changing technologies, in order to credibly decarbonize," says Rennick.

In June 2024, we closed our SLB Capturi joint venture with Aker Carbon Capture, which combines our companies’ technology portfolios to enable wider adoption of carbon capture technologies.

SLB Capturi is already playing a key role in unlocking the full value chain for CCS by building modular carbon capture plants at industrial sites across Europe. These sites represent the first emitters that will store CO₂ in Northern Lights, the world’s first “open-source” CO₂ transport and storage infrastructure, making their CCS model accessible to be replicated across Europe. Key projects include the Ørsted Kalundborg CO₂ Hub in Denmark, which will capture up to 430,000 metric tons of CO₂ annually from biomass power stations; Heidelberg Materials’ cement facility in Brevik, Norway, which will capture up to 400,000 metric tons of CO₂ annually; and Hafslund Celsio’s waste-to-energy plant in Oslo, Norway, which will capture up to 350,000 metric tons of CO₂ annually.

In addition, we have completed commissioning and handover of an SLB Capturi modular carbon capture plant at Twence’s waste-to-energy facility in Hengelo, Netherlands. The plant at the Twence facility has the capacity to capture up to 100,000 metric tons of CO₂ per year, which will be used in applications for the horticulture and food and beverage sectors.

These projects represent just one component of our commitment to driving industrial decarbonization. We also continue providing technology and services for new carbon storage sites globally, exemplified by our partnership in the Jubail CCS hub in Saudi Arabia: one of the world's largest, with a capacity to store up to nine million metric tons of CO₂ annually in its first phase. Beyond CCS, SLB is developing solutions like low-carbon hydrogen through investments and collaborations with companies like John Cockerill Hydrogen, and Genvia, a joint venture with the CEA (French Alternative Energies and Atomic Energy Commission) and other partners.

Renewables and energy efficiency

Geothermal energy offers a significant opportunity for the energy transition, providing clean, baseload renewable power. SLB leads in geothermal and geoenergy, collaborating with customers, governments and industry and technology partners.

For example, we are collaborating with Ormat Technologies to develop and deliver integrated geothermal projects, aiming to reduce risk, improve economics, and ensure long-term performance and reliability. We’re also working with Star Energy Geothermal, a subsidiary of Indonesia’s largest renewable energy company, Barito Renewables, to deploy technologies that improve the economics of conventional geothermal projects and enhance recovery rates.

To enable geothermal power adoption in areas where it has not been feasible, we are collaborating with DEEP Energy on a next-generation project in Canada to open new frontiers for geothermal power generation in Canada and beyond.

"The key to unlocking the future of geothermal lies in deep technical understanding, efficient execution, and close collaboration with partners and customers, ensuring our technological developments directly address the key economic use-cases," said Rennick. “Together, we are redefining the landscape of geothermal energy, making it a more accessible and attractive option on a global scale."

SLB’s Celsius Energy innovates in geoenergy, a technology that provides virtually carbon-free thermal energy to buildings year-round in certain geographies such as Europe and the northern U.S. Recognized with a BNEF Pioneer award, Celsius Energy inaugurated its first UK installation in 2024, expanding its European reach beyond its French origins.

Building on this momentum, in 2024, Eversource, an energy provider in Connecticut, Massachusetts, and New Hampshire, deployed SLB’s Celsius Energy for the first utility-owned networked geothermal heating and cooling system in the U.S., connecting 140 customers across nearly 40 buildings in Framingham, Massachusetts.

Critical minerals

The enablement of electrification requires energy storage, which in many cases around the world also requires the use of lithium as a key battery material. SLB is accelerating the adoption of a technology system that produces lithium from subsurface brine assets in a highly sustainable manner, minimizing environmental impact.

This past year, we proved our technology solution for producing lithium more sustainably at scale at our demonstration plant in Clayton Valley, Nevada. To further support lithium resource development, we launched a commercially available 3D basin model report of the Smackover trend, a geologic formation across Arkansas and Texas believed to contain massive amounts of lithium-rich saltwater brine. SLB also supports new lithium entrants in de-risking their projects with advanced subsurface expertise and workflows, such as our collaboration with Pantera Minerals to advance the Smackover lithium asset in Arkansas and the LithiumBank asset development project in Alberta, Canada.

“The development of more sustainable lithium production technologies is intrinsically linked to the acceleration of new energy solutions,” says Gavin Rennick. “SLB's innovations in critical minerals will play a vital role in supporting a low-carbon energy future.”

Where we go from here

SLB is actively working and proving high-impact technologies and solutions across these key areas within the energy transition space. Market adoption must now accelerate. De-risking innovation for industrial decarbonization depends on close collaboration with end-users to deliver impactful, scalable solutions. To achieve a low-carbon future, we must continue building momentum by investing in new technology that improves economics, streamlining regulations, building and fostering partnerships across the value chain, and removing barriers to on-the-ground projects.

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