Investments

8 Rivers Secures $100M Funding from SK Group and Establishes Asian Joint Enterprise with SK Group to Speed up World Decarbonization

HOUSTON, March 7, 2022 /PRNewswire/ — 8 Rivers Capital, LLC introduced a USD$100 million funding from SK Group, together with the institution of an 8 Rivers-SK three way partnership to give attention to decarbonization of Korean and key Asian markets. This funding establishes 8 Rivers because the premier Web Zero options firm globally for industrial decarbonization, providing modern options which can be deployment-ready immediately and can assist drive international decarbonization via 2050. This represents one of many largest single non-public investments in a carbon seize options supplier thus far, and was introduced at S&P World’s CERA Week by IHS Markit

8 Rivers Capital: Mr. Damian Beauchamp, Mr. Bill Brown, and Mr. Cam Hosie
SK Inc. Materials: Mr. Young Wook Lee, Mr. Ki Seon Park, and Ms. Eun Kyung Sung

8 Rivers Capital: Mr. Damian Beauchamp, Mr. Invoice Brown, and Mr. Cam Hosie SK Inc. Supplies: Mr. Younger Wook Lee, Mr. Ki Seon Park, and Ms. Eun Kyung Sung

SK’s funding will allow 8 Rivers to broaden its world-class innovation and execution group and can speed up the deployment of 8 Rivers’ clear applied sciences on the tempo and scale that clients and governments are actually demanding globally. As a number one South Korean industrial and high-tech conglomerate, SK’s technological and engineering capabilities will function a force-multiplier for 8 Rivers, whereas SK will leverage the partnership to deploy clear tasks for its home and overseas operations.

The 8 Rivers-SK Asia Joint Enterprise will mix 8 Rivers’ know-how with SK’s regional footprint to deploy clear hydrogen and zero-emissions energy tasks throughout main power facilities within the Asia-Pacific area ­—a area that presently emits extra carbon annually than the remainder of the world mixed, and which is central to the world’s economic system and Web Zero objectives.

“Decarbonizing the worldwide economic system is each a multi-trillion-dollar enterprise alternative and, extra importantly, an environmental and social necessity,” stated 8 Rivers CEO Cam Hosie. “I can think about no higher companion than the SK Group to speed up gigaton-scale deployment of 8 Rivers’ clear, net-zero applied sciences, serving to drive financial and social growth globally.”

8 Rivers is a world-leading developer of modern decarbonization applied sciences which span hydrogen, energy, direct air seize, and biomass carbon elimination, together with invention of the 8RH2 clear hydrogen know-how and the paradigm-changing Allam-Fetvedt Cycle energy era system. 8 Rivers is creating marquee zero-emissions tasks within the United Kingdom and america, with a powerful pipeline of worldwide prospects.

“SK seems ahead to accelerating the deployment of 8 Rivers’ applied sciences throughout the worldwide power market by combining SK’s home and overseas power infrastructure, enterprise capabilities, and eight Rivers’ world-class portfolio of unpolluted applied sciences and tasks,” stated Younger Wook Lee, President, of SK Inc. Supplies, “and the launch of our Asian three way partnership with 8 Rivers is a key initiative that cements SK’s place as an power transition chief within the area.”

Additionally, Lee added that “SK is actively investing in eco-friendly enterprise to attain a ‘Zero Carbon Footprint,’ and SK is trying ahead to be able to scale back 200 million tons of CO2 via 2030. This cope with 8 Rivers can also be aligned with SK’s aim for SK to be the chief in conducting Web Zero and to additionally lead the worldwide carbon discount enterprise with 8 Rivers and their modern carbon seize know-how”

SK Group, the second largest conglomerate in South Korea with its largest companies primarily concerned in power industries, is dedicated to construct sustainable clear power worth chains in Korean and Asian markets. As such, SK Group is a extremely enticing strategic capital investor and companion for 8 Rivers’ clear know-how portfolio.

With a view to accomplish Web Zero by 2050, manufacturing of renewable power and inexperienced hydrogen is inevitable, and must type a part of a complete ‘all-of-the-above’ strategy with a broad suite of applied sciences that account for funding effectivity, house for installment, and provide stability, to be able to make international decarbonization a actuality.

In reflecting on the significance of the SK partnership, Invoice Brown, co-founder and Govt Chairman of 8 Rivers Capital, famous that: “Partnerships are treasured. On the easiest degree, they’re about compatibility of execution, however extra importantly, they’re in regards to the compatibility of imaginative and prescient. Of all of the potential traders that approached 8 Rivers during the last 15 years, SK was the primary that absolutely shared our imaginative and prescient of an entire ESG system. To get to Web Zero, McKinsey has estimated the world must spend $25 billion per day for 30 years. No single firm immediately is suited to that scale. SK and eight Rivers know and perceive that we want a brand new enterprise mannequin that doesn’t hint its existence to any single firm immediately. As an alternative, that mannequin will likely be an amalgamation throughout silos—very like Amazon. For the reason that growth of decarbonization applied sciences together with carbon seize is imminent, each 8 Rivers and SK are specializing in the power system and on the purchasers, and never on only one know-how. That mixture is what is going to permit our two corporations to create the premier international net-zero firm that may lead the world’s clear know-how future.”

ABOUT 8 RIVERS CAPITAL, LLC: 8 Rivers Capital, LLC is a Durham, NC-based agency based in 2008 which is main the invention and commercialization of sustainable, infrastructure-scale applied sciences for the worldwide power transition because the premier internet zero options firm for industrial decarbonization. 8 Rivers is creating and deploying applied sciences for clear hydrogen and ammonia (8RH2), transformative zero-emissions energy cycles (Allam-Fetvedt Cycle) direct air seize (Calcite), retrofit carbon seize (Carbon8), bitter fuel sweetening (TarT), clear ethylene (Codox), and different superior clear power programs. www.8Rivers.com.

ABOUT SK GROUP: Based mostly in Seoul, South Korea, SK Group is a group of numerous multi-national manufacturing and repair firms united underneath a holding firm construction that share a standard SK Model and Company Tradition. SK Group firms are international leaders in semiconductors, telecommunications, power and life sciences. Throughout its firms, SK is dedicated to constructing environmentally sustainable companies that assist scale back international greenhouse fuel emissions and improve using renewable power. SK Group is a founding member of the Worth Balancing Alliance. SK firms mixed have $106 billion in annual international income and greater than 100,000 workers worldwide. www.sk.com

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SOURCE 8 Rivers Capital, LLC

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