DURHAM, N.C., Sept. 17, 2024 (GLOBE NEWSWIRE) -- 8 Rivers Capital, LLC, a world-leading decarbonization technology and project developer, announced an investment from JX Nippon Oil Exploration (U.S.A.) Limited, an affiliate company of JX Nippon Oil & Gas Exploration Corporation (JX) into 8 Rivers' proprietary Calcite direct air capture (DAC) solution. This funding will support the deployment of 8 Rivers' Calcite DAC solution as it moves from pilot into commercial project development.
Project Cardinal, the first commercial deployment of the Calcite technology, is expected to be constructed in the U.S. Gulf Coast with FEED to commence in 2025. The SEDAC hub, which includes Calcite and 8 Rivers along with its partners, was awarded $20.5M to complete FEED studies required to support the construction and operation of two DAC facilities, each with an initial capture capacity of 50,000 net DAC tonnes of CO2. JX's investment will also support additional technology derisking at Calcite's pilot project in Mobile, AL. Both projects will demonstrate Calcite's potential as an affordable, scalable emissions-reduction solution.
The investment is JX's first in the growing DAC space and marks a key milestone in an ongoing partnership between 8 Rivers and JX. In 2021, the two companies signed a Comprehensive Collaboration Agreement to identify and develop unique opportunities in the carbon capture market. Following this investment and the successful deployment of Calcite at Project Cardinal, JX will look to deploy Calcite in projects across the Asia Pacific region.
"This investment comes at an important time for our company and the ...
