JX Nippon Oil & Gas Exploration Corporation ("JX"), JX Nippon Oil Exploration (U.S.A.) Limited ("NOEX USA") and 8 Rivers Capital, LLC ("8 Rivers") have executed a comprehensive collaboration agreement bringing together two world-leaders in carbon capture, utilization, and storage (CCUS) to collaborate on the acceleration of the decarbonization of power and hydrogen generation globally.
JX has established proven track records in several CCUS projects, such as a CO2 injection pilot test in Vietnam and the Petra Nova CCUS Project utilizing CO2 captured from a thermal power plant in Texas, U.S.A. In addition to the continuation of safe and stable operations as an energy operator in Asia, JX has been exercising an initiative to develop its sustainable energy business.
8 Rivers has been driving the energy transition for over a decade and was the inventor of the paradigm-changing zero-carbon power generation system being commercialized by NET Power, LLC, of which 8 Rivers is a co-owner. Further, 8 Rivers is the developer of the best-in-class clean hydrogen and ammonia technology, 8RH2, and a suite of industrial decarbonization technologies including the TarT sour-gas treatment system and net-zero solutions for steel production, direct air capture, and point-source carbon capture. 8 Rivers is leading deployment of several marquee decarbonization projects globally, including major projects in the United States, United Kingdom, and Australasia that are expected to be operating by mid-decade, reducing carbon dioxide emissions by millions of tonnes every year.
Cam Hosie, CEO of 8 Rivers: "Collaboration with JX is a major force multiplier for decarbonization. It allows 8 Rivers to scale its clean energy business across the globe at a world-leading pace, leveraging JX's global footprint, expertise and decarbonization goals to accelerate deployment of zero-emissions power and hydrogen to help meet our collective net-zero ambitions. This global collaboration with a market-leading energy firm leveraging cutting-edge decarbonization technologies will help enable gigaton-scale carbon reductions."
Hiroshi Hosoi, President and CEO of JX: "JX is delighted to engage with 8 Rivers on decarbonization, underpinning JX's conviction that CCUS will play a vital role in the realization of carbon neutrality. We look forward to expanding our lower carbon business portfolio with this exciting collaboration with 8 Rivers."
Jefferies LLC acted as an advisor to 8 Rivers.