SEOUL, SK Inc. Materials Co., an advanced materials unit under South Korea’s SK Group, said Tuesday it is acquiring 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 invest an additional US$300 million in 8 Rivers, a North Carolina-based developer of hydrogen and carbon capture technologies, a deal that will give the South Korean company the controlling stake in the American firm, SK Inc. Materials said in a release. The investment will be completed by July.
SK Inc. Materials, an in-house company of SK Inc., currently holds a 12 percent stake in 8 Rivers with its initial $100 million investment.
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 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 that has a high fossil fuel dependency for energy and offers ample CCUS opportunities.
Source: Yonhap News Agency