Gas

8 Rivers secures $100 million for zero-emissions projects

8 Rivers Capital has secured a $100 million investment from SK Group to focus on decarbonization and zero-emissions projects in the Asia-Pacific region.
8 Rivers secures $100 million for zero-emissions projects
Members of 8 Rivers and SK Group at a CERAWeek announcement signing on March 7, 2022 (Photo/Kevin Clark).

Editor's Note: Clarion Energy's Kevin Clark is on the ground in Houston for CERAWeek and is reporting the latest from the conference.

8 Rivers Capital has secured a $100 million investment from SK Group to focus on decarbonization and zero-emissions projects in the Asia-Pacific region.  The announcement was made at CERAWeek.

North Carolina-based 8 Rivers develops zero-carbon technologies such as hydrogen, carbon capture and biomass carbon removal. It jointly owns NET Power, whose systems burn natural gas to fuel a supercritical CO₂ cycle that generates electricity.

The technology reuses most of the carbon dioxide produced and captures the rest, meaning it emits virtually nothing into the atmosphere. NET Power has said its plants should cost no more to build and operate than a traditional natural gas plant.

In 2018, we reported NET Power successfully achieved first fire of its demonstration plant and test facility in La Porte, Texas. At that time, the company had targeted the global deployment of 300 MW capacity commercial-scale plants beginning as early as 2021.

Global goals for net-zero carbon emissions and the growing need for CO₂ that can be sequestered or used in industrial processes is creating the right market conditions for the adoption of clean and reliable energy generation. NET Power said it would license its technology to global customers seeking to decarbonize the energy and industrial sectors.

SK, a South Korean industrial and high-tech company, will also now form a joint venture with 8 Rivers and lend its technological and engineering capabilities.

“Partnerships are precious,” said Bill Brown, co-founder and executive chairman of 8 Rivers. “Of all the potential investors that approached 8 Rivers over the last 15 years, SK was the first that fully shared our vision of a whole ESG system.”

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