2022 has been an incredible year for 8 Rivers, for the energy sector, and for climate technology. We’ve continued our growth in 2022 by advancing innovation in hard to decarbonize industries, fostering partnerships, securing funding, and adding top talent.
In March, we secured a $100 million investment from SK Group that also led to the establishment of an 8 Rivers-SK joint venture, focusing on the acceleration of decarbonization in Korean and key Asian markets.
Additionally in April, Stripe along with Alphabet, Shopify, Meta, and McKinsey announced the launch of Frontier, an advance market commitment of $925M to accelerate carbon removal. Frontier has facilitated its first purchases on behalf of Stripe and the tens of thousands of businesses using Stripe Climate to buy carbon removal. A joint project with Calcite and Origen was selected for Stripe Climate’s Spring 2022 Carbon Removal Purchase cycle, with a purchase value of $1.5 million.
Throughout this year, we entered into 3 strategic MOUs with (1) Texas-based asset developer, Rimrock Energy Management, focusing on large scale zero-emissions technology portfolio of hydrogen, ammonia, heat, power, and cryogenic gas processing; (2) Johnson Matthey to provide an innovative integrated hydrogen production solution; and (3) JX Nippon to evaluate the U.S. Gulf Coast for the commercial-scale deployment of net-zero projects.
In November, our CEO Cam Hosie gave a keynote speech at the Reuters Energy Transition 2022 Conference in Houston, Texas, where he discussed how energy leaders must demonstrate an urgency for deploying emerging and existing technologies that already fit into the global energy structure.
Capping off the year, NET Power entered into a business combination with Rice Acquisition Corp. II (RAC II) to accelerate the deployment of NET Power’s proprietary technology that delivers clean, reliable, and low-cost power from natural gas. The $235 million of committed investments—with participation from the Rice family, Occidental, Constellation, 8 Rivers, HITE Hedge, and NGP—are expected to fund corporate operations through planned commercialization in 2026. The business combination of RAC II and NET Power is valued at $1.5 billion.
To help drive all the growth, we’ve significantly expanded our team with the addition of industry experts across Engineering, Finance, Business Development, Project Management and Marketing. In August, 8 Rivers introduced Bob Dudley, former CEO at BP from 2010 to 2020 and chair of OGCI, as an independent board member. 8 Rivers is proud to welcome Mr. Dudley and all our new teammates to 8 Rivers, and we will continue adding top talent throughout 2023. (Apply here!)
As we systematically progress towards our goal of Net Zero 2050, we will continue to use our technologies, partnerships, projects, and deployment engines to enable companies and governments to take actionable steps to reduce their emissions as they move towards achieving their Net Zero ambitions. To learn more about 8 Rivers and our infrastructure-scale clean energy projects, please contact us.