As spending on AI infrastructure by Western hyperscalers ramps up - with Barclays projecting investment could top $1 trillion before peaking in 2028 - constraints on power supply and environmental considerations are elevating the role of carbon capture and sequestration (CCS) technologies.
Barclays has cataloged more than 400 public and private firms that play roles across 19 subcategories of digital and power infrastructure. In its analysis the bank contrasts development timelines, noting that a typical data center takes roughly two years to build, while large natural gas-fired power plants generally require more than five years to commission. That gap in timing has implications for how companies and utilities approach emissions management and capacity planning.
Below are the firms Barclays highlights within the carbon capture and sequestration segment, and the specific roles or technologies for which they are cited.
- Air Products - Identified for integrating CCS technology into world-scale hydrogen production facilities, with the Louisiana Clean Energy Complex offered as an example of its industrial-scale carbon management capabilities.
- Baker Hughes - Cited for supplying CO2 compression equipment, turbines and subsurface monitoring services that support integrated data center and sequestration hubs. The firm has also secured a 60-month service contract with Petrobras for turbomachinery equipment and has issued debt to finance its proposed acquisition of Chart Industries, Inc., actions Barclays notes in the context of its CCS-related equipment and service offerings.
- BKV Corp - Described as developing an end-to-end value chain that leverages upstream assets to deliver dedicated CO2 sequestration projects and integrated carbon management solutions.
- California Resources - Associated with the Carbon TerraVault joint venture, which aims to provide dedicated CO2 storage in depleted reservoirs by utilizing existing oil and gas infrastructure.
- Chevron - Named for investments in CCS projects such as Bayou Bend and for operating the Gorgon CCS system in Australia. Barclays also records that Chevron received upgrades to Buy from both HSBC and Melius, with HSBC pointing to the company’s regional risk profile and Melius highlighting its focus on shareholder returns.
- Exxon Mobil - Noted for operating the LaBarge CCS facility and for developing comprehensive CCS systems for industrial clients. The firm is also advancing work on a fifth floating production facility in Guyana and its board has recommended shareholders approve relocating the company’s legal domicile from New Jersey to Texas, items Barclays includes alongside its CCS activities.
- LanzaTech Global - Identified for a gas fermentation approach that captures waste carbon and converts it into sustainable products, representing a pathway for carbon utilization rather than solely storage.
- Linde - Listed for offering HISORP adsorptive technology and for participation in the development of large-scale CCS hubs. Barclays also records that Linde raised its quarterly dividend by 7% - the company’s 33rd consecutive annual increase - and that JPMorgan initiated coverage with an overweight rating.
- NET Power - Recognized for developing natural gas power plants using the Allam-Fetvedt Cycle, a configuration that captures 100% of emissions within the plant’s process stream, addressing power generation needs while eliminating direct carbon release.
- Occidental - Cited for deploying Direct Air Capture via its 1PointFive subsidiary and for using captured CO2 in enhanced oil recovery applications, combining atmospheric carbon removal with commercial reuse.
- SLB - Identified for subsurface evaluation, CO2 injection capabilities and provision of modular capture units through its SLB Capturi division, roles that support both storage site characterization and capture deployment.
Barclays’ survey spans a broad set of technologies and service models, from capture and compression equipment to subsurface storage and utilization pathways. The bank’s breakdown underscores that multiple industrial and energy-sector participants are engaged at different points along the CCS value chain.
For investors and market participants, Barclays’ compilation offers a cross-section of firms whose operations intersect with the projected increase in AI-related infrastructure spending and the attendant need to manage incremental power demand and emissions. The list reflects a mix of established industrial and energy companies as well as specialized technology and service providers focused on capture, utilization and storage.