SK Materials (CEO Lee Yong-wook), a materials investment company, is investing in 8Rivers, a US-based company possessing next-generation CCUS technology, and is moving forward in earnest to achieve its net-zero goal.

SK Materials announced on the 8th that it will invest $100 million (approximately 120 billion won) in 8Rivers, a company with next-generation CCUS (Carbon Capture and Storage) technology, at the global energy conference 'CERA Week' held in Houston, USA.

Through this investment, SK Materials will acquire exclusive domestic and Asian business rights for 8Rivers' next-generation CCUS technology, and will have priority participation in global projects and new technology development. After the investment, SK Materials' stake in 8Rivers is approximately 12%.

To achieve the global net zero target of 2050, which the entire world is striving for, reductions in the electricity generation sector, which accounts for the largest proportion of CO2 emissions, are required, and clean electricity and hydrogen fuel are essential for this.

Founded in 2008 in North Carolina, USA, 8Rivers is a company that possesses innovative CO2 reduction patented technologies independently developed in both clean electricity and hydrogen fuel fields, including supercritical CO2 power generation technology that inherently captures CO2 without separate facilities and blue hydrogen production technology that low-temperature cools and separates CO2 during the hydrogen production process.

Renewable energy sources such as solar and wind power are difficult to replace base power generation, and existing fossil fuel-based power generation technologies have the disadvantages of high costs and requiring large land areas, such as the need to install separate CO2 capture facilities.

In contrast, 8Rivers' technology supercritically converts CO2 into CO2 that powers a generator turbine. The additional CO2 generated during fuel combustion is then separated without the need for separate capture equipment, enabling clean electricity production. This approach achieves relatively low investment costs, high power generation efficiency, and reduces air pollutant emissions.

8Rivers also possesses technology to produce economically viable blue hydrogen by liquefying and separating CO2 generated during hydrogen production using a deep-freezing process. This technology is expected to achieve CO2 capture rates of up to 99%, enabling economical and efficient hydrogen production.

SK Materials plans to leverage global collaboration and exclusive Asian licensing rights for 8Rivers' technology to advance its business. First, the company will establish a joint venture (JV) with 8Rivers to pursue clean energy projects in Asian regions, including China, Malaysia, and Indonesia, which are highly dependent on fossil fuels and possess abundant CO2 storage capacity. In Korea, it is expected that simultaneous sales of blue hydrogen and clean electricity through the construction of a plant using 8Rivers' technology will secure economic feasibility.

Bill Brown, founder of 8Rivers, said, “We had many potential investors come to us, but SK was the first partner who shared our vision and understood the entire ESG system.” He added, “Together with SK, we will introduce and expand various CO2 reduction technologies, such as CCUS, to become a leading global net-zero company and contribute to carbon reduction around the world.”

Meanwhile, at the '2021 CEO Seminar' held in October last year, SK emphasized the goal of SK Group contributing to reducing 200 million tons of carbon, which is 1% of the global carbon reduction target (21 billion tons) by 2030, and achieving 'zero carbon footprint', where cumulative emissions and reductions are offset around 2035.