SK Materials is accelerating its clean energy business by acquiring the management rights of 8Rivers (hereinafter referred to as 8Rivers), a U.S. company possessing innovative CCUS (carbon capture, storage, and utilization) technology.

SK Materials (CEO Lee Yong-wook), a material technology specialist company, announced on the 7th that “at the SK Board of Directors meeting held on the 6th, we received approval to invest $300 million to secure management rights for 8Reverse.”

SK Materials invested $100 million in 8 Rivers in March 2022, securing a 12% stake, and will secure management rights by investing an additional $300 million by July.

After incorporating 8Reverse as a subsidiary, SK Materials plans to lead the clean energy business in the U.S. market based on 8Reverse’s CCUS technology.

Founded in 2008 in North Carolina, USA, 8Rivers has patented technology to produce clean electricity and blue hydrogen with over 99% CO2 captured in an innovative and low-cost manner.

CCUS (Carbon Capture Utilization and Storage) is recognized as a key technology for advancing carbon neutrality by removing CO2 emissions from industry.

8Rivers possesses the technology to produce blue hydrogen using supercritical CO2 power generation technology that captures CO2 internally from natural gas and coal without separate facilities, and the deep-freezing method that cools the CO2 generated during the hydrogen production process to liquefy it and separate it.

SK Materials said, “Although carbon reduction has become a global agenda, it is difficult to replace base power generation with renewable energy alone, and exhaust gas“The method of capturing CO2 from the atmosphere has its limitations due to its high cost,” he said. “8Reverse will contribute to accelerating carbon reduction by significantly improving cost competitiveness with innovative technology.”

SK Materials plans to promote clean business centered on the North American market, which has an environment and infrastructure optimized for CCUS business, and expand the market to the global stage after completing commercialization technology.

We also plan to expand clean energy projects in Asian countries such as Malaysia and Indonesia that are highly dependent on fossil fuels and have abundant CO2 storage capacity.

In Korea, we plan to introduce 8-reverse technology in the mid to long term to become a low-cost, high-efficiency CCUS Total Solution Provider.

Recently, SK Materials has been strengthening its clean energy business in addition to its advanced materials business related to semiconductors, displays, and batteries.

Following the signing of an HoA with ExxonMobil for the introduction of blue ammonia in February, the company is expanding its business portfolio into the eco-friendly sector by investing in ION Clean Energy, a U.S. company with next-generation carbon capture technology.

Collaboration with these companies is also expected to contribute to SK Group’s goal of taking responsibility for 1% (200 million tons) of global carbon reduction by 2030.

SK Materials President Lee Yong-wook said, “With this acquisition, we expect to make a bigger leap forward by combining 8Rivers’ unique technological prowess with our business capabilities,” adding, “Carbon reduction is an essential task for the sustainability of mankind. We will expand cooperation with global companies and work to accelerate net-zero worldwide.”