8 Rivers Secures $100M Investment from SK Group and Establishes Asian Joint Venture with SK Group to Accelerate Global Decarbonization
PR94870
HOUSTON, March 8, 2022 /PRNewswire=KYODO JBN/ --
8 Rivers Capital, LLC announced a USD$100 million investment from SK Group,
along with the establishment of an 8 Rivers-SK joint venture to focus on
decarbonization of Korean and key Asian markets. This investment establishes 8
Rivers as the premier Net Zero solutions company globally for industrial
decarbonization, offering innovative solutions that are deployment-ready today
and will help drive global decarbonization through 2050. This represents one of
the largest single private investments in a carbon capture solutions provider
to date, and was announced at S&P Global's CERA Week (
) by IHS Markit
Photo - https://mma.prnewswire.com/media/1761550/8_Rivers_Capital.jpg
SK's investment will enable 8 Rivers to expand its world-class innovation and
execution team and will accelerate the deployment of 8 Rivers' clean
technologies at the pace and scale that customers and governments are now
demanding globally. As a leading South Korean industrial and high-tech
conglomerate, SK's technological and engineering capabilities will serve as a
force-multiplier for 8 Rivers, while SK will leverage the partnership to deploy
clean projects for its domestic and foreign operations.
The 8 Rivers-SK Asia Joint Venture will combine 8 Rivers' technology with SK's
regional footprint to deploy clean hydrogen and zero-emissions power projects
across major energy centers in the Asia-Pacific region --a region that
currently emits more carbon each year than the rest of the world combined, and
which is central to the world's economy and Net Zero goals.
"Decarbonizing the global economy is both a multi-trillion-dollar business
opportunity and, more importantly, an environmental and social necessity," said
8 Rivers CEO Cam Hosie. "I can imagine no better partner than the SK Group to
accelerate gigaton-scale deployment of 8 Rivers' clean, net-zero technologies,
helping drive economic and social development globally."
8 Rivers is a world-leading developer of innovative decarbonization
technologies which span hydrogen, power, direct air capture, and biomass carbon
removal, including invention of the 8RH2 clean hydrogen technology and the
paradigm-changing Allam-Fetvedt Cycle power generation system. 8 Rivers is
developing marquee zero-emissions projects in the United Kingdom (
) and the United States (
), with a strong pipeline of global prospects.
"SK looks forward to accelerating the deployment of 8 Rivers' technologies
across the global energy market by combining SK's domestic and foreign energy
infrastructure, business capabilities, and 8 Rivers' world-class portfolio of
clean technologies and projects" said Young Wook Lee, President, of SK Inc.
Materials, "and the launch of our Asian joint venture with 8 Rivers is a key
initiative that cements SK's position as an energy transition leader in the
region."
Also, Lee added that "SK is actively investing in eco-friendly business to
achieve a 'Zero Carbon Footprint,' and SK is looking forward in order to reduce
200 million tons of CO2 through 2030. This deal with 8 Rivers is also aligned
with SK's goal for SK to be the leader in accomplishing Net Zero and to also
lead the global carbon reduction business with 8 Rivers and their innovative
carbon capture technology"
SK Group, the second largest conglomerate in South Korea with its largest
businesses primarily involved in energy industries, is committed to build
sustainable clean energy value chains in Korean and Asian markets. As such, SK
Group is a highly attractive strategic capital investor and partner for 8
Rivers' clean technology portfolio.
In order to accomplish Net Zero by 2050, production of renewable energy and
green hydrogen is inevitable, and needs to form part of a comprehensive
'all-of-the-above' approach with a broad suite of technologies that account for
investment efficiency, space for installment, and supply stability, in order to
make global decarbonization a reality.
In reflecting on the importance of the SK partnership, Bill Brown, co-founder
and Executive Chairman of 8 Rivers Capital, noted that: "Partnerships are
precious. At the simplest level, they are about compatibility of execution,
but more importantly, they are about the compatibility of vision. Of all the
potential investors that approached 8 Rivers over the last 15 years, SK was the
first that fully shared our vision of a whole ESG system. To get to Net Zero,
McKinsey (
) has estimated the world needs to spend $25 billion per day for 30 years. No
single company today is suited for that scale. SK and 8 Rivers know and
understand that we need a new business model that does not trace its existence
to any single company today. Instead, that model will be an amalgamation
across silos--much like Amazon. Since the expansion of decarbonization
technologies including carbon capture is imminent, both 8 Rivers and SK are
focusing on the energy system and on the customers, and not on just one
technology. That combination is what will allow our two firms to create the
premier global net-zero company that will lead the world's clean technology
future."
ABOUT 8 RIVERS CAPITAL LLC: 8 Rivers Capital, LLC is a Durham, NC-based firm
founded in 2008 which is leading the invention and commercialization of
sustainable, infrastructure-scale technologies for the global energy transition
as the premier net zero solutions company for industrial decarbonization. 8
Rivers is developing and deploying technologies for clean hydrogen and ammonia
(8RH2), transformative zero-emissions power cycles (Allam-Fetvedt Cycle) direct
air capture (Calcite), retrofit carbon capture (Carbon8), sour gas sweetening
(TarT), clean ethylene (Codox), and other advanced clean energy systems.
www.8Rivers.com.
ABOUT SK GROUP: Based in Seoul, South Korea, SK Group is a collection of
diverse multi-national manufacturing and service companies united under a
holding company structure that share a common SK Brand and Corporate Culture.
SK Group companies are global leaders in semiconductors, telecommunications,
energy and life sciences. Across its companies, SK is committed to building
environmentally sustainable businesses that help reduce global greenhouse gas
emissions and increase the use of renewable energy. SK Group is a founding
member of the Value Balancing Alliance. SK companies combined have $106 billion
in annual global revenue and more than 100,000 employees worldwide. www.sk.com
CONTACT: Andrew Turner, andrew.turner@madano.com, +44 (0) 7702 962043, Adam
Goff, adam.goff@8rivers.com, +1 267-528-8471
SOURCE: 8 Rivers Capital, LLC
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。