LONDON : U.S. clean technology firm 8 Rivers Capital 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 Tuesday.
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 carbon dioxide 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. "Decarbonising the global economy is both a multi-trillion-dollar business opportunity and, more importantly, an environmental and social necessity," 8 Rivers chief executive Cam Hosie said.