U.S. clean technology firm 8 Rivers Capital LLC has secured $100 million in investment from South Korea’s SK Group and formed a joint venture to deploy zero-emissions projects in the Asia-Pacific region, the company said on March 8.
8 Rivers develops zero-carbon technologies such as hydrogen, carbon capture and biomass carbon removal. Some of SK Group's subsidiaries are active in energy industries and the group aims to reduce CO₂ emissions by 200 million tonnes by 2030.
To achieve net-zero emissions by 2050, many companies are investing in scaling up renewable energy production and green hydrogen to lessen reliance on fossil fuels.
The joint venture will combine 8 Rivers’ technology with SK’s regional presence to deploy clean hydrogen and zero-emissions power projects in the Asia-Pacific region, which emits more CO₂ emissions each year than the rest of the world combined, 8 Rivers said.
“Decarbonizing the global economy is both a multitrillion-dollar business opportunity and, more importantly, an environmental and social necessity,” 8 Rivers CEO Cam Hosie said.
Recommended Reading
Seadrill Sells Three Jackups for $338MM to Gulf Drilling International
2024-05-17 - Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
2024-05-17 - The combination of Crescent Energy and SilverBow Resources will yield one of the Eagle Ford’s top producers—and the pro forma E&P could look to gobble up more acreage in South Texas after closing.
Permian Powerhouse: Apache Doubles Down on Core Assets After Callon Acquisition
2024-05-16 - Apache CEO John Christmann detailed plans for the Permian Basin and Suriname during the SUPER DUG Conference & Expo.
Crescent Energy to Buy Eagle Ford’s SilverBow for $2.1 Billion
2024-05-16 - Crescent Energy’s acquisition of SilverBow Resources will create the second largest Eagle Ford Shale E&P with production of about 250,000 boe/d, the companies said.
Diamondback’s Van’t Hof Plays Coy on Potential Delaware Divestiture
2024-05-16 - Diamondback Energy’s President and CFO Kaes Van't Hof also addressed new Permian exploration and the lack of “fun” dealing with the FTC on its deal to buy Endeavor Energy Resources.