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SK affiliate, U.S. firm set up JV for clean power projects in Asia

All News 15:17 March 08, 2022

SEOUL, March 8 (Yonhap) -- SK Materials Co., an affiliate of South Korea's SK Group, said Tuesday it has formed a joint venture with U.S. clean technology firm 8 Rivers Capital, LLC to deploy zero-emissions power projects in the Asia-Pacific region.

The joint company will combine 8 Rivers' technology with SK's regional networks to deploy the U.S. firm's zero-carbon technologies, such as hydrogen, carbon capture and biomass carbon removal, to existing power plants in the Asia-Pacific region, SK said in a statement.

Carbon capture is widely accepted as a key technology in the battle against climate change.

SK Materials said it will invest 120 billion won (US$100 million) in 8 Rivers for the business partnership.

"SK's technological and engineering capabilities will serve as a force-multiplier for 8 Rivers, while SK will leverage the partnership to deploy clean projects for its domestic and foreign operations," 8 Rivers said in a statement.

The Asia-Pacific region emits more carbon each year than the rest of the world combined and is central to the world's economy and global decarbonization through 2050, the statement said.

SK Group, a refining-to-construction conglomerate, aims to reduce 200 million tons of carbon dioxide through 2030.

kyongae.choi@yna.co.kr
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