Woodside Energy Group (ASX:WDS) and Nasdaq-listed Baker Hughes signed a technology development agreement to work on a lower carbon power generation platform designed for oil and gas, heavy industries, and other smaller scale applications, according to a March 6 joint statement.

The collaboration will use the patented Net Power platform to generate power and capture carbon dioxide emissions, per the statement.

Baker Hughes and Woodside are also looking into adding other development partners to the program, as well as exploring the industrial market scalability of Net Power's platform.

Financial terms were not disclosed.

Woodside Energy's shares were up nearly 2% in recent Monday trade.