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SK Inc. materials Co. revealed its plans to make new investments in 8 Rivers Capital LLC, a U.S. developer of innovative carbon capture, utilization, and storage (CCUS) technologies. This is a strategic move to help bolster its presence in the global clean energy sector.
With the investment, SK Inc. materials aim to build up its strategic partnership with the advanced materials arm of the SK Group. It expects to work together on various clean energy projects in the United States to become a prominent clean energy/CCUS company.
In partnership with 8 Rivers, SK Inc. materials is expected to speed up the commercialization of clean energy technologies in the North American region. SK Inc. materials will work on the commercialization of clean energy technologies in the U.S. first since the American market offers a more favorable environment for CCUS business in terms of regulation and infrastructure, which makes it the best place to start.
Later, the company will foray into the global market, and part of the plan is to set up projects in Asian nations with large carbon dioxide (CO2) storage capacities, like Indonesia and Malaysia.
“The carbon reduction has become a global agenda, however, due to the limitation of renewable energy, fully replacing base power generation is impossible however costly carbon capture solution is delaying the clean energy transition,” Pulse News quoted SK Inc. materials’ spokesperson said. “8 Rivers through its patented technology has addressed the cost issue so we believe it will accelerate the carbon reduction effort.”
Meanwhile, the investment and partnership deal was executed to fulfill SK group’s goal of carbon reduction of at least 200 million tons by 2030. This target volume is equivalent to one percent of the total global reduction goal.
