Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
SK Inc. materials increases US investment to expand CCUS biz
SK Group's building in Seoul / Korea Times file
By Kim Hyun-bin
By Kim Hyun-bin
SK Inc. materials is accelerating its clean energy business, expanding investment into 8 Rivers, which owns innovative Carbon Capture, Storage and Utilization (CCUS) technology, according to the company.
According to SK Inc. materials, the SK Inc. board approved the decision on March 6 to form a fund worth $300 million to invest in U.S. clean tech.
Through this investment, SK Inc. materials plans to actively develop the CCUS-based clean energy business in the U.S. and further strengthen the strategic partnership with 8 Rivers.
8 Rivers was established in 2008 in North Carolina. The company owns patented technology for producing clean electricity and blue hydrogen, which captures more than 99 percent of carbon dioxide in an innovative and low-cost way.
CCUS is recognized as a key technology that advances carbon neutrality by removing carbon dioxide emitted by the industry.
Following the passage of the U.S. Inflation Reduction Act (IRA) last August, CCUS technology is being highly appreciated as the market interest in the CCUS business increases.
“Although carbon reduction has become a global agenda, it is difficult to replace base-load power generation with renewable energy alone, and carbon dioxide capturing is still expensive. 8 Rivers, with its innovative technology, will contribute to the acceleration of carbon reduction by significantly improving cost competitiveness,” SK Inc. materials said.
SK Inc. materials plans to promote its clean energy business centered on the North American market, which has a favorable environment and infrastructure optimized for the CCUS business.
Once the technology is commercialized, global expansion is planned. Clean energy projects will be launched targeting Asian countries, such as Malaysia and Indonesia, which are highly dependent on fossil fuels and have abundant carbon dioxide storage spaces.