8 Rivers

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

NET Power’s breakthrough technology, the Allam-Fetvedt Cycle, aims to eliminate emissions in the natural gas power generation process. Traditional plants burn gas to produce pressurized gas that operates turbines, resulting in greenhouse gases (carbon dioxide and nitrogen oxide) being released into the atmosphere. NET Power’s solution burns natural gas using oxygen, resulting in only carbon dioxide as a byproduct, which is then pressurized to produce supercritical carbon dioxide, which can be reused in the power generation process to capture heat from the plant.NET Power opened a 25-megawatt (MW) demonstration plant in Texas in January 2021 and announced that the company will be starting the construction of its first four commercial plants.&nbsp;&nbsp;In <a href="https://sp-edge.com/updates/14470">November 2022</a>, NET Power announced that it will develop and build the world’s first utility-scale natural gas-fired power plant with near-zero atmospheric emissions. The plant, which is expected to be online in 2026, will be built in Odessa, Texas, and will produce ~300 MW of power.Key customers and partnershipsIn May 2021, NET Power and G2, a company building the world's first net-zero liquefied natural gas (LNG) production facility, executed a letter of intent to collaborate. In July 2021, the company partnered with Zero Degrees Whitetail Development (ZDWD), 8 Rivers Capital, and Sembcorp Energy UK (SEUK) to develop a NET Power station at SEUK’s Wilton International site on Teesside, UK. ZDWD plans to develop multiple 300 MW NET Power facilities across the UK.&nbsp;In <a href="https://sp-edge.com/updates/17656">April 2023</a>, NET Power selected Zachry Group for front-end engineering design (FEED) and engineering, procurement, and construction (EPC) services for its initial utility-scale power plant. In <a href="https://sp-edge.com/updates/18818">May 2023</a>, NET Power announced plans to establish a JV with SK Group. The NET Power-SK JV will pursue the development of utility-scale NET Power plants across Asia. In <a href="https://sp-edge.com/updates/25081">December 2023</a>, the company signed a Strategic Supply Agreement with Lummus Technology for recuperative heat exchangers (HXR) for NET Power's large-scale power plants.Funding and financialsIn June 2023, NET Power was listed on the NYSE. The transaction is expected to raise gross proceeds of over USD 670 million, with the combined company expected to have a market capitalization of over USD 2 billion. This included PIPE commitments from <a href="https://sp-edge.com/updates/17968">Occidental</a> (USD 350 million), the Rice family (USD 125 million), and <a href="https://sp-edge.com/updates/18818">SK Group</a> (USD 50 million). The company intended to use these funds to commercialize its first utility-scale natural gas-fired power plant.&nbsp;Key competitors: None comparable (NET Power is the only startup to develop a zero-emission natural gas-power generation solution)

NET Power is a clean energy technology company with a mission to globally deploy affordable and reliable zero-emissions energy solutions. The Company licenses its proprietary NET Power Cycle, which transforms natural gas into low-cost, clean power that's available 24/7. Founded in 2010 and headquartered in Durham, North Carolina, NET Power is driving global adoption by partnering with power producers, technology providers, investors and other innovators to deliver utility-scale plants.

Thor’s novel approach achieves, in one responsive system, airliner-like payload fractions for all mission profiles, with a launch cost and frequency set to transform both the space launch and global rapid logistics industries. Thor will enable both the large scale utilization of space and transatmospheric operations in a manner approaching that of current terrestrial air and ground operations.

Since 2008, 8 Rivers has been pioneering infrastructure-scale technologies that can drastically reduce or remove CO2 emissions. We’re proud to be a growing, world-class team of engineering and business experts working together to commercialize technologies and deliver projects across multiple sectors, with a focus on oxy-combustion and ultra-low carbon intensity processes.   The 8 Rivers technology portfolio includes ultra-low carbon hydrogen production (8RH2), transformative low-carbon power cycles (Allam-Fetvedt Cycle), and hyper-efficient direct air capture (Calcite).  With more than $1B in funding raised into our portfolio, we hold more CO2-related patents than any other entity in the world, and we are actively deploying our technology into projects in the US and abroad.  Our diversified suite of technologies was developed to help the hardest-to-decarbonize sectors to achieve their net-zero goals by prioritizing the balancing of economics and science. 8 Rivers is speeding the arrival of a net-zero world where clean energy powers human prosperity.

8 Rivers develops various technologies with a focus on clean hydrogen and ammonia, zero-emission power cycles, direct air capture (DAC), and other clean energy technologies. The company is also the inventor of <a href="https://sp-edge.com/companies/339719">NET Power</a>, a startup developing zero-emission power stations using the Allam-Fetvedt Cycle technology.

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

2023 Corporate Leadership Awards: Cam Hosie with 8 Rivers

Siemens

To develop cutting-edge direct-fired supercritical CO2 turbines for a variety of power sources.

NET Power

Occidental Petroleum

Constellation Energy

SK Group

HITE Hedge Asset Management

Companies that facilitate renewable energy generation through disruptive technologies such as geothermal, fusion, wave, tidal, etc.

8 Rivers develops various technologies with a focus on clean hydrogen and ammonia, zero-emission power cycles, direct air capture (DAC), and other clean energy technologies. The company is also the inventor of <a href="https://sp-edge.com/companies/339719">NET Power</a>, a startup developing zero-emission power stations using the Allam-Fetvedt Cycle technology.8 Rivers has developed calcite carbon removal technology at a laboratory scale in collaboration with the Massachusetts Institute of Technology (MIT), with further funding from the US Department of Energy. The company’s calcite DAC process captures CO2 directly from the atmosphere into calcium carbonate crystals and sequesters it. In <a href="https://sp-edge.com/updates/25445">January 2024</a>, 8 Rivers announced the Cormorant Clean Energy Project in Texas, to commercialize the company's proprietary 8RH2 hydrogen process.Key customers and partnerships8 Rivers, together with UK-based DAC startup Origen Carbon Solutions, designed a novel calcite air contractor for the Calcite-Origen project, in which Frontier (formed by Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability) purchased its first carbon removal credits. In November 2022, 8 Rivers signed an MoU with <a href="https://sp-edge.com/updates/14483">JX Nippon</a>, a Japanese oil and gas exploration company, to evaluate the US Gulf Coast for the commercial deployment of sustainable infrastructure. In <a href="https://sp-edge.com/updates/21344">August 2023</a>, 8 Rivers spearheaded the Southeast DAC (SEDAC) hub alongside AirCapture, Crescent Resource Innovation among many other partners. In January 2024, the company partnered with <a href="https://sp-edge.com/updates/25646">Casale</a>, a Swiss-based fertilizer and chemical producer, to jointly develop their 8RH2 ultra-low-carbon hydrogen technology by integrating a CO2 Convective Reformer (CCR). In <a href="https://sp-edge.com/updates/32686">August 2024</a>, 8 Rivers partnered with Siemens Energy to develop a zero-emission turbine that generates electricity from captured CO2.Funding and financialsIn <a href="https://sp-edge.com/updates/21344">August 2023</a>, 8 Rivers-led consortium received grant funding of USD 20.5 million from the US Department of Energy for the deployment of the SEDAC hub. In March 2022, the company raised <a href="https://sp-edge.com/updates/9018">USD 100 million</a> in a corporate venture round led by SK Materials. The proceeds were used to fund the commercialization of 8 Rivers’ CCUS technology in South Korea and the rest of Asia. Following the investment, SK Materials acquired a 12% stake in 8 Rivers.

Prometheus follows a next-gen electro-chemical-based approach to convert CO2 into carbon-neutral fuel using renewable energy and carbon nanotubes. Industrial fans suck ambient air and blow it across a waterfall that absorbs CO2 and additional water. The electricity “charges” and “energizes” captured carbon with hydrogen molecules from water to create long-chain alcohols. Alcohols are then harvested using a special type of membrane called the Maxwell Core. Its pores are carbon nanotubes, which allow alcohol through while rejecting water. A final catalyst step combines the alcohols and recovers water. The company claims that it is the only one in the world that can separate alcohol from water economically. This step can be customized to produce gasoline, diesel, or jet fuel.In <a href="https://prometheusfuels.com/news/our-finished-commercial-scale-stack-design-unlocks-lowest-cost-fuel">October 2022</a>, Prometheus completed the design of the commercial-scale cell and stack Titan Fuel Forge.Key customers and partnershipsIn June 2019, Prometheus partnered with Boom Supersonic (a company building the world’s fastest supersonic airliner) to supply carbon-neutral fuel for the flight test program of one of its demonstrator aircraft scheduled for 2021. In July 2021, the company entered into a purchase agreement with American Airlines to supply 10 million gallons of carbon-neutral jet fuel.Funding and financialsIn September 2021, Prometheus raised an undisclosed amount in a Series B funding round led by Maersk, Metaplanet, and BMW i Ventures. In June 2020, BMW i Ventures also announced an investment of USD 12.5 million into Prometheus.

Prometheus Fuels

UK-based Storegga Geotechnologies (Storegga) provides carbon capture and storage (CCS) solutions for energy-intensive sectors such as petrochemicals, agriculture, and airlines. In July 2020, Storegga acquired Pale Blue Dot Energy (PBDE), through which the company became the lead developer of the Acorn CCS Project (the UK’s first large-scale carbon capture project). In August 2022, Storegga launched a new entity <a href="https://sp-edge.com/updates/11990">“Storegga Americas” </a>to explore clean fuel opportunities and to scale up its operations across the US, Canada, Latin America, and the Caribbean.Key customers and partnershipsIn June 2021, Storegga partnered with Carbon Engineering, a Canadian direct air capture (DAC) startup, to initiate engineering and designing a new facility in North East Scotland, which could remove between 500,000 and one million metric tons of CO2 from the atmosphere annually. The project was backed by a UK government grant of GBP 249,000 received in May 2021. In July 2021, Acorn CCS signed a memorandum of understanding (MoU) with SEGAL and FUKA gas terminals to capture carbon dioxide (CO2) from its operations. The two gas terminals will become the first customers for Acorn CCS. In August 2021, Storegga signed an MoU with Virgin Atlantic to secure the airline as an early customer.&nbsp;In March 2022, Storegga <a href="https://sp-edge.com/updates/9378">partnered</a> with Mitsui to commercialize its proprietary DAC technology. In June 2022, the company signed an MoU with <a href="https://sp-edge.com/updates/11230">Aker Carbon Capture</a> to deploy CCS projects in the UK. Other partners include Sval Energi, Talos Energy, Freeport LNG and <a href="https://sp-edge.com/updates/10230">ScottishPower</a>.In August 2023, Storegga together with Sval Energi, a Norwegian energy provider, and Neptune Energy, a UK-based oil and gas explorer, <a href="https://sp-edge.com/updates/21191">secured</a> their <a href="https://sp-edge.com/updates/16698">previously applied</a> CO2 storage license to develop the Trudvang CCS project in the Norwegian North Sea. In October 2023, the company signed an MOU with <a href="https://sp-edge.com/updates/22815">Svante</a> to develop CCUS projects by combining Svante's carbon capture and removal filter technology and Storegga's CO2 transportation and storage expertise. In <a href="https://sp-edge.com/updates/32814">August 2024</a>, the company partnered with PETRONAS and ADNOC to evaluate offshore CO2 storage capabilities in Malaysia.&nbsp;&nbsp;&nbsp;Funding and financialsStoregga’s <a href="https://sp-edge.com/updates/10468">most recent </a>funding round was in May 2022, when it raised GBP 51.3 million (USD 63.9 million) in its third funding round, led by Snam. In March 2021, Storegga raised an undisclosed amount from a funding round led by GIC, Mitsui &amp; Co, and Macquarie Group to deploy a DAC facility in the UK.

Storegga Geotechnologies

Carbfix is an Icelandic carbon sequestration company that stores captured carbon dioxide (CO2) permanently underground. During the pilot phase of Carbfix, findings revealed that over 95% of the injected carbon dioxide mineralized within two years, in contrast to the previous understanding that it would take several hundred or thousands of years. Carbfix began as an academic-industrial research project in 2007 and was established as a subsidiary of Reykjavik Energy (OR), an Icelandic geothermal company, in 2019. Carbfix was spun out of OR in January 2020.As the technology requires vast amounts of water to dissolve carbon dioxide, in June 2021, Carbfix’s technology was validated to be used with seawater—applicable in regions where fresh water is scarce. The use of seawater with Carbfix’s technology is experimental, with a field pilot project scheduled in Iceland for 2022.Key customers and partnershipsIn August 2020, Climeworks, a Swiss company specializing in direct air capture (DAC) technology, along with ON Power, a Swiss geothermal energy provider, signed an agreement with Carbfix to scale up CO2 removal and storage. From September 2021, the new facility, located in Iceland, is expected to remove 4,000 tons of CO2 from the atmosphere per year. In 2017, Climeworks and Carbfix also partnered to operate a small-scale DAC and storage facility of 900 metric tons per year, also in Iceland.In July 2021, Aker Carbon Capture, a Norwegian carbon capture company, signed a memorandum of understanding (MoU) with Carbfix to collaborate on cost-efficient carbon capture and storage solutions. Elkem, a Norwegian environmentally responsible manufacturer of materials, has also partnered with Carbfix to reduce emissions of its alloys plant in Grundartangi, Iceland.In <a href="https://sp-edge.com/updates/21311">August 2023</a>, the company partnered with the University of Edinburgh (UoE) and the Scottish Universities Environmental Research Centre to evaluate CO2 mineralization in Iceland. In <a href="https://sp-edge.com/updates/23535">November 2023</a>, Carbfix injected dissolved CO2 in seawater underground in partnership with the universities of Geneva and Switzerland, Iceland GeoSurvey (ISOR), and University College London.In <a href="https://sp-edge.com/updates/28975">April 2024</a>, Carbfix partnered with Deep Sky, a Canadian carbon removal project developer to explore potential CO2 mineral storage options in Canada.Funding and financialsIn July 2022, Carbfix was awarded a grant of ISK 16 billion (USD 117 million) from the EU Innovation Fund for the deployment of its Code Terminal project (a CO2 transport and storage hub) to capture 3,000,000 tons of CO2 per annum by 2031.

Carbfix

Global Thermostat specializes in Direct Air Capture (DAC) technology to remove carbon dioxide (CO2) from the atmosphere. The company employs a proprietary process using amine-based adsorbents to capture CO2, which is then concentrated for various applications, including storage and conversion into fuels, chemicals, and other products. This technology aims to transform CO2 from a climate liability into a valuable resource, contributing to a circular carbon economy​In <a href="https://sp-edge.com/updates/29707">May 2024</a>, the company was acquired by Zero Carbon Systems, a developer of CO2 removal technologies, for an undisclosed sum.Key customers and partnershipsAs of August 2021, Global Thermostat had two pilot facilities in California and Alabama, each with the capacity to remove 3,000–4,000 metric tons of carbon dioxide per year. Since 2019, Global Thermostat has been in a partnership with ExxonMobil to scale commercially.In April 2023, Global Thermostat unveiled one of the world’s largest DAC units that permanently captures CO2 from the atmosphere. The unit had been under trial since the end of 2022, capturing 1,000 tons of CO2 per annum at the company’s US headquarters in Commerce City, Colorado. The DAC unit launched was a commercial-scale demonstration, with the company taking on pre-orders for DAC systems.In <a href="https://sp-edge.com/updates/26251">February 2024</a>, the company commissioned its first containerized T-Series system for the multi-ton scale DAC, with two microalgae producers, MicroBio Engineering Inc and Cyanotech Corporation, using this system to improve the production of microalgae biomass for renewable fuels in Kailua-Kona, Hawaii.Funding and financialsMost recently in May 2023, the company received an undisclosed investment from Sumitomo Corporation, via its US-based venture arm Presidio Ventures. The two companies had also signed a letter of intent (LoI) to identify and develop CCS projects globally.

Global Thermostat

Remora’s devices capture carbon emissions directly from truck tailpipes. They can be fitted onto tailpipes of existing trucks to capture carbon dioxide (CO2) for 600–1,200 miles before an offload. Remora’s solution was initially funded by the Environmental Protection Agency (EPA) and tested at the agency’s National Vehicle and Fuel Emissions Lab.The company’s technology has a capture efficiency of 80% and can offload the captured CO2 while refueling—to be sold to concrete producers and other end users. The proceeds from the sale of CO2 are expected to be shared across fleet owners and customers once commercialized. Funding and financialsIn February 2024, the company raised an undisclosed amount in a Series A funding round led by Voyager Ventures.&nbsp; Key competitors: None comparable (Remora is the only startup that captures carbon from truck tailpipes)

Remora

Solutions that capture CO2 from flue-gas stacks including both industrial stacks and vehicle tailpipes.

Solutions that capture CO2 from ambient air, including from indoor spaces.

Solutions that “recycle” captured CO2 to produce commercial products other than sustainable fuel, such as proteins, plastics, building materials, etc.

Solutions that permanently store captured CO2 underground.

Solutions that “recycle” captured CO2 to produce sustainable fuels

Recycles captured CO2 emissions to produce sustainable fuels and other products

PROMINENT_CATEGORY

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 Carbon capture, utilization, and storage (CCUS) technology developer 8 Rivers has teamed up with Siemens Energy to create a zero-emission turbine that produces electricity from captured CO2. This partnership is aimed at developing direct-fired supercritical CO2 turbines suitable for various applications and fuel types, including the Allam-Fetvedt Cycle (AFC). Siemens Energy will supply critical equipment, services, and engineering expertise, meanwhile, 8 Rivers will leverage Siemens' global network and industry knowledge.
 Additionally, the alliance will focus on the development of an AFC negative emissions power system fueled by biomass, known as Biome. This system aims to generate reliable, cost-effective power coupled with CO2 removal capabilities.&nbsp;
 
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8 Rivers

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