8 Rivers secures $ 100 million investment from SK Group and establishes Asian joint venture with SK Group to accelerate global decarbonization

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SK’s investment will enable 8 Rivers to expand its world-class innovation and execution team and accelerate 8 Rivers’ clean technology deployment at the pace and scale that customers and governments now demand globally. As South Korea’s leading industrial and high-tech conglomerate, SK’s technology and engineering capabilities will serve as a force multiplier for 8 Rivers, while SK will leverage the partnership to implement clean designs for its domestic and overseas operations.

8 Rivers-SK Asia Joint Venture will combine 8 Rivers technology with SK’s regional footprint to deliver clean hydrogen and zero-emission energy projects to key energy centers in the Asia-Pacific region: a region that currently emits more carbon each year than the rest of the world combined and that is central to the world economy and the Net Zero goals.

“The decarbonization of the global economy is both a multi-billion dollar business opportunity and, above all, an environmental and social necessity,” said 8 Rivers CEO. Cam Hosie. “I can’t imagine a better partner than the SK Group to accelerate 8 Rivers’ giant-scale implementation of clean, zero-emission technologies, helping to drive economic and social development globally.”

8 Rivers is a world-leading developer of innovative decarbonisation technologies that embrace hydrogen, energy, direct air capture and carbon removal from biomass, including the invention of 8RH2 clean hydrogen technology and the Allam-Fetvedt Cycle power generation system that changes the paradigm. 8 Rivers is developing carbon-neutral marquee projects in UK and the United States, with a strong pipeline of global perspectives.

“SK looks forward to accelerating the implementation of 8 Rivers technologies in the global energy market by combining SK’s domestic and foreign energy infrastructure, commercial capabilities and clean technology portfolio and world-class projects of 8 Rivers,” 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 solidifies SK’s position as a leader in the energy transition in the region.”

Furthermore, Lee added that “SK is actively investing in eco-friendly activities to achieve a” zero carbon footprint “and SK is looking forward to reducing 200 million tonnes of CO2 by 2030. This agreement with 8 Rivers is in line with SK’s goal for SK to be the leader in the implementation of 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 operations mainly involved in energy industries, it is committed to building sustainable clean energy value chains in the Korean and Asian markets. As such, SK Group is a highly attractive strategic capital investor and partner for 8 Rivers’ cleantech portfolio.

To achieve Net Zero by 2050, the production of renewable energy and green hydrogen is inevitable and must be part of a comprehensive “all-in” approach with a broad suite of technologies that take into account investment efficiency, space to installment payments and stability of the offer, in order to transform global decarbonisation into reality.

Reflecting on the importance of the SK partnership, Bill Brownco-founder and executive chairman of 8 Rivers Capital noted that: “Partnerships are valuable. At the simplest level, they are about execution compatibility, but most of all they are about vision compatibility. Of all the potential investors who approached 8 Rivers over the past 15 years, SK was the first to fully share our vision of an entire ESG system. To get to Net Zero, McKinsey estimated that the world needs to spend 25 billion dollars per day for 30 years. No single company today fits that scale. SK and 8 Rivers know and understand that we need a new business model that today does not trace its existence to any single company. Instead, that model will be a merger of silos, just like Amazon. As the expansion of decarbonisation technologies, including carbon capture, is imminent, both 8 Rivers and SK are focusing on the energy system and customers, not just one technology. This combination is what will enable our two companies to create the leading global zero-emissions company that will drive the global future of clean technologies. “

ABOUT 8 CAPITAL RIVERS, LLC: 8 Rivers Capital, LLC is a Durham, NCcompany founded in 2008 that is leading the invention and commercialization of sustainable technologies on an infrastructure scale for the global energy transition as the leading net zero solutions company for industrial decarbonisation. 8 Rivers is developing and implementing technologies for clean hydrogen and ammonia (8RH2), zero-emission transformative energy cycles (Allam-Fetvedt cycle), direct air capture (Calcite), retrofit carbon capture (Carbon8), acid gas softening (TarT), ethylene cleaning (Codox) and other advanced clean energy systems. www.8Rivers.com.

ABOUT THE SK GROUP: Based in Seoul, South Korea, SK Group is a collection of several manufacturing and service multinationals united under a holding structure that share a common SK brand and corporate culture. The SK Group companies are world leaders in semiconductors, telecommunications, energy and life sciences. Across all of its companies, SK is committed to creating 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. The combined SK companies have 106 billion dollars in annual global turnover and over 100,000 employees worldwide. www.sk.com

SOURCE 8 Rivers Capital, LLC


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