2024 was a watershed year for 8 Rivers and the broader cleantech ecosystem. On the macro-scale, we saw billions of dollars in funding dispersed by the Inflation Reduction Act (IRA) and other major funding milestones and announcements for exciting new climate tech projects that will move the entire sector forward into a more profitable, sustainable 2025.
8 Rivers is proud of our continued work with incumbent industry players in 2024, further enhancing our ability to scale the clean energy transition. From launching our first commercial project to bringing on new leadership and investments, we’re proud of the partnerships we built in 2024, laying a strong foundation for ongoing, market-driven progress toward achieving Net Zero.
Commercializing ultra-low-carbon hydrogen production
In January, we started the year strong by announcing the development of the Cormorant Clean Energy Project, an ultra-low-carbon ammonia production facility featuring the first-ever commercial deployment of 8RH2, 8 River’s proprietary ultra-low-carbon hydrogen production process. Cormorant, planned for Port Arthur, Texas, will yield an estimated 880,000 tonnes of ultra-low-carbon ammonia annually while capturing over 1.4 million tonnes of CO₂ each year, abating all direct emissions.
And the hype doesn’t stop there: 8RH2 received several prestigious recognitions in 2024:
- Finalist for Platts Global Energy Award in Emerging Technology of the Year
- Finalist for the Hydrogen Future Awards
- Finalist for World Hydrogen Awards
New Executive Leadership
In March, Chris Richardson was appointed 8 Rivers’ new Chief Executive Officer. Since then, Chris has honed 8 River’s vision in deploying and commercializing our portfolio of decarbonization solutions. He brings over two decades of experience in energy and infrastructure project financing, during which he led a team of over 100 lawyers responsible for project development, financing, and execution on large-scale energy and infrastructure projects.
In June we welcomed Asheley Kinsey as our Chief Financial Officer. His 25 years of experience in international energy finance, subject matter expertise, and proven leadership skills will be invaluable in developing, deploying, and commercializing our novel net zero solutions.
The invaluable experience of these two world-class energy practitioners comes at a critical turning point for 8 Rivers as we expand our efforts and capacities to develop and deploy infrastructure-scale solutions to reach net zero.
Investments and Partnerships
Speaking of strategic partnerships, we were excited to build on existing relationships and forge new ones throughout 2024:
- In August, 8 Rivers and Siemens Energy announced an agreement to co-develop a carbon-negative power generation turbine that generates electricity from supercritical CO₂, advancing carbon-negative power solutions toward commercial deployment. We’re excited to continue to draw from Siemens’ technical and supply chain competencies, mature global network, and engineering acumen as we work together to commercialize our proprietary Allam-Fetvedt Cycle (AFC) in 2025
- With support from SK Group, 8 Rivers and Rocky Mountain Power (RMP) announced in April an agreement to explore a potential carbon capture and storage project at an existing RMP brownfield coal power plant in Wyoming utilizing 8 River’s solid fuel-fired Allam-Fetvedt Cycle (AFC) technology
- We also secured an investment from ENEOS Xplora Inc. (formerly JX Nippon) for the inaugural deployment of our Calcite direct air capture (DAC) technology in a first-of-a-kind commercial pilot project. Project Cardinal, set to commence in 2025, marks a pivotal moment for Calcite as it moves from the lab to a commercial pilot project
- Calcite wasn’t limited solely to industry backing in 2024; it also got a boost of additional grant funding from the U.S. Department of Energy
Around the World
CERAWeek
At CERAWeek 2024, 8 Rivers reaffirmed its leadership in climate tech, joining leaders from across the energy sector to emphasize the need to accelerate the deployment of clean technologies. Across several speaking roles and participation in a dozen Chatham House rules Private Forums, our team significantly impacted the world’s most influential energy conference.
During a panel discussion on the benefits of DAC technology, our President and CDO Damian Beauchamp highlighted the critical role of early innovators in DAC, who have paved the way for the current market. Beauchamp spotlighted Calcite as an efficient DAC solution with low CapEx and OpEx, ideal for tech companies looking to scale their operations while effectively offsetting their carbon footprint.
Also at CERAWeek, our SVP of Capital Management Mike Adams joined a few panels, including one where he discussed the important role that hydrogen offtakes play in scaling the burgeoning industry during a panel discussion. Mike shared insights on the market’s development, how long-term fixed-price contracts drive new hydrogen projects, and how 8RH2 will be a key technology in the drive to deploy cleaner fuels like ultra-low-carbon ammonia.
Gastech
At Gastech 2024 in Houston, we announced an investment from ENEOS Xplora Inc. (formerly JX Nippon) into our Calcite direct air capture technology and held a signing ceremony with top leaders from ENEOS. The next day, we unveiled a detailed 3D model of the AFC turbine technology being developed in partnership with Siemens Energy. The response from Gastech attendees to our announcements was incredible, and we couldn’t be happier to share our good news with that ecosystem of energy companies.
ADIPEC and more!
At ADIPEC, our team was proud to sponsor the annual ADIPEC Awards gala where we spent an evening with the CEOs, government ministers, and other leading dignitaries from the global energy industry.
During the annual conference in Abu Dhabi, UAE, which boasted more than 200,000 attendees this year, Damian spoke alongside industry leaders from Aramco, Eni, and SLB, about how our clean energy solutions capture emissions and convert CO₂ into useful parts of the energy production process.
Closer to home, 8 Rivers’ own Esther Kamau and Nicole Patterson provided insight at a Duke University panel discussion highlighting the essential role of female solidarity, mentorship, and support in a male-dominated industry. Kamau implored attendees to diligently seek employment with firms that recognize the value of women in cleantech, with a particular focus on equitable development in the Global South.
As 2024 comes to a close, we’re proud of the work our team and partners have done derisking and bolstering cleantech innovations to rapidly accelerate affordable, scalable emissions-reduction solutions at a global scale. And we’re looking forward to the progress that 2025 – and beyond – will bring.
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