South Korean conglomerate SK Group [034730:KS] has invested USD100m in US clean technology firm 8 Rivers Capital, and the two companies have created a joint venture (JV) to launch zero-emissions projects, as reported by Reuters on March 8. By combining SK’s domestic and international energy infrastructures, operational skills, and 8 Rivers’ clean technologies and projects, the JV will deploy clean hydrogen and zero-emission power projects across the Asia-Pacific region, accelerating global decarbonization by 2050. The Asia-Pacific region currently emits more carbon annually than the rest of the world combined.
8 Rivers is a company that develops decarbonization technologies for hydrogen, power, direct air capture, and biomass. The JV deal aligns with SK’s objective of lowering carbon dioxide emissions by 200m tons by 2030 and achieving net-zero emissions by 2035. To reach this target, SK has already announced intentions to invest KRW18.5tr (USD15bn) in the hydrogen energy industry in South Korea over the next five years. By 2025, its energy unit, SK E&S, would invest roughly KRW5.3tr (USD4.3bn) in South Korea to establish the world’s largest clean hydrogen production base. The plants will create 250,000 tonnes of ecologically friendly hydrogen per year from liquefied natural gas (LNG).