SK Inc Materials-US clean energy firm

SK Inc. Materials to make additional investment in U.S. carbon capture company

SEOUL, March 7 (Yonhap) -- SK Inc. Materials Co., an advanced materials unit under South Korea's SK Group, said Tuesday it is investing an additional US$300 million in a U.S. company specializing in carbon capture, utilization and storage (CCUS), as it bolsters investment in clean energy.

The board of SK Inc. approved the plan Monday to buy an unspecified amount of shares in 8 Rivers, a North Carolina-based developer of hydrogen and carbon capture technologies, after its initial $100 million investment last year, SK Inc. Materials said in a release.

The deal, when completed, will make the South Korean company the controlling shareholder in 8 Rivers. SK Inc. Materials, an in-house company of SK Inc., currently holds a 12 percent stake in the American firm.

8 Rivers was founded in 2008 and has proprietary technologies that can produce clean electricity and blue hydrogen by capturing carbon dioxide without needing a separate CCUS facility.

It also has the technology to produce blue hydrogen by liquefying carbon dioxide for sequestration during hydrogen generation.

With the acquisition, SK Inc. Materials said it plans to make further inroads into North America, as well as Southeast Asia, which has a high fossil fuel dependency for energy and offers ample CCUS opportunities.

(END)

[ⓒ K-VIBE. 무단전재-재배포 금지]