Acquires 12% Stake in 8 Rivers
SK Materials, a materials-specific investment arm of SK Group, announced on March 8 that it will invest US$100 million (about 120 billion won) in 8 Rivers, a U.S. company with expertise in next-generation carbon capture, utilization, and storage (CCUS) technology.
SK Materials will hold a 12 percent stake in 8 Rivers through this investment. It has secured an exclusive right to commercialize the U.S. partner's CCUS technology in Korea and Asia. It was also given priority in participating in the development of global projects and new technologies.
Founded in North Carolina in 2008, 8 Rivers has developed the Allam-Fetvedt Cycle, a new way to generate low-cost power from carbon-based fuels without producing air emissions. It has also developed a blue hydrogen production process, called 8RH2, to generate clean hydrogen with full carbon capture.
These technologies make it possible to achieve a high power generation efficiency with relatively low investments and slash air pollutant emissions, SK Materials explained. 8 Rivers’ blue hydrogen technology can boost CO₂ capture rates by up to 99 percent.