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- SK Inc. Materials Partnership plans to increase investments in 8 Rivers to strengthen the partnership
- 8 Rivers is a new clean energy technology company with cutting-edge CO2 power generation and blue hydrogen production technologies.
- SK Inc. Materials plans to pursue a high-growth clean energy business North America First and the business to international markets eg Asia
SEOUL, South Korea, March 9, 2023 /PRNewswire/ — SK Inc. Materials is accelerating its clean energy business by expanding into 8 Rivers’ innovative CCUS (Carbon Capture, Storage and Utilization) technology through its affiliate investments.
SK Inc. Materials (General Manager) Lee Yong-wook, www.sk-materials.com) Note, “The SK Inc. Board approved March 6Th To establish and support American investment vehicles with a total capital contribution 300 million dollars Access to these vehicles to make US clean technology investments, including additional investments in 8 Rivers.
Through this investment effort, SK Inc. Materials plans to actively develop CCUS-based clean energy business in the US and further strengthen its strategic partnership with 8 Rivers. 8 rivers in 2008 North Carolina. The company has patented technology that produces clean electricity and blue hydrogen that captures more than 99% of CO.2 In a creative and low cost way.
CCUS is recognized as a key technology that promotes carbon neutrality by eliminating CO2 released from industry.
8 Rivers owns supercritical CO.2 Energy generation technology that naturally captures CO2 Using natural gas and coal as feedstocks without any additional equipment and blue hydrogen generation technology using a method that separates CO 2 By cooling to a liquid state.
In the year Since the announcement of the US IRA account in August 2022, the value of 8 Rivers CCUS technology has been appreciating significantly due to increasing market demand in the CCUS business environment. SK currently plans to continue its investment and expansion of cooperation with 8 Rivers.
“Despite carbon reduction being a global agenda, it is difficult to replace baseload power generation with renewable energy alone, and CO2 sequestration.2 It is still expensive. 8 Rivers will contribute to the acceleration of carbon reduction by significantly improving cost competitiveness through its innovative technology.”
SK Inc. Materials plans to introduce a clean energy business focused on the North American market, which has a favorable environment and optimized infrastructure for CCUS business. Once the technology is commercialized, SK plans to expand globally. Clean energy projects will be launched targeting Asian countries that are heavily dependent on fossil fuels and have large CO2 storage areas. Malaysia And Indonesia. We will introduce 8 Rivers Technology in the medium to long term to become a low-cost, high-efficiency CCUS total solution provider in Korea.
Recently, SK Inc. Materials, in addition to the traditional semiconductor, display, battery-related high-tech materials business, is strengthening the clean energy business. in February 2023A HoA agreement was signed with ExxonMobil to promote blue ammonia and invest in ION Clean Energy. Boulder, Colorado– Established carbon casting company, to license use of ION technology Asia It was done.
Collaborating with these companies is expected to contribute to SK Group’s goal of being responsible for 1% (200 million tons) of global carbon reduction by 2030.
Source: SK Inc. Materials
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