Houston-based Baker Hughes Co. is on the prowl to secure stakes in low-carbon ventures and bring deep-pocketed partners on board as it revamps its energy technology portfolio.

Shell Global Solutions BV earlier this month signed a broad memorandum of understanding (MOU) with the energy technology giant. Royal Dutch Shell plc and Baker have set goals to achieve net-zero carbon emissions. 

The new collaboration is centered around decarbonizing the two companies’ operations and  more broadly, the energy and industrial sectors.

The pact comes because there is an “urgency around the energy transition,” Baker CEO Lorenzo Simonelli said. Moving beyond high-carbon fuels “requires collaboration to accelerate actionable steps to reduce emissions in various ways.”

As a first...