As the clean energy revolution continues to steam forward, technology is growing more robust, and investment opportunities are increasing proportionally. 8 Rivers Capital, LLC, a decarbonization technology development firm, recently announced its venture with JX Nippon Oil Exploration (USA) Limited in investing in its Calcite direct air capture (DAC) project. The JX Nippon funding will enable the direct air solution to move from the pilot phase to commercial project development.
According to a GLOBE NEWSWIRE press release, 8 Rivers’ Project Cardinal prevails as the first commercial deployment of the Calcite technology. Plans dictate the facility will be constructed on the US Gulf Coast, with 2025 being the targeted date for FEED commencement. The SEDAC hub received $20.5 million to direct towards FEED studies necessary to support and maintain the operation of two DAC facilities. Research and due diligence indicate each facility will see an initial carbon dioxide capture of up to 50,000 net tonnes.
Sourced from the JX Nippon funding, additional technology derisking will take place at Calcite’s project in Mobile, AL, while it is also in the pilot phase. These projects are expected to provide the foundation to demonstrate Calcite’s potential as a cost-effective solution to reduce emissions.
As the DAC market continues to receive industry attention, more partnerships and investments are expected to surface, mirroring the Comprehensive Collaboration Agreement signed by 8 Rivers and JX Nippon in September 2021. To further explore the carbon capture market, JX Nippon plans to investigate opportunities across the Asia Pacific territory to deploy Calcite after successful implementation first at Project Cardinal.
“This investment comes at an important time for our company and the industry and validates our Calcite DAC platform as a leading solution for the global energy transition,” said Christopher Richardson, 8 Rivers CEO, in the press release. “We are excited to strengthen our partnership with JX and collaborate with their team on Project Cardinal and future Calcite deployments across the Asia-Pacific. JX is an established industry innovator working to lead the effort to decarbonize the industry at scale-we could not be more excited to deepen our partnership with them.”
JX Nippon publicized its affirmation of project success. With the company’s dedication to achieving carbon neutrality, lofty expectations are placed on the venture’s success.
“We are proud to collaborate with 8 Rivers, a leader in technological advancements and a strong advocate for the global energy transition, through investment,” said Tetsuo Yamada, Chief Strategy Officer of JX Nippon Oil and Gas Exploration Corporation, in the press release. “This is another milestone in our collaborative partnership between 8 Rivers and JX. DAC is one of the key solutions for a carbon-neutral society.”
Yamada added, “We are confident in the potential of 8 Rivers’ DAC solution, ‘Calcite,’ and look forward to its first commercial deployment through Project Cardinal.”
8 Rivers invented Calcite in 2019, and it was the winner of a US Department of Energy (DOE) DAC hub grant. The company utilized DOE Advanced Research Projects Agency funding in addition to an XPRIZE for Carbon Removal award of $1 million to advance the Calcite technology. It gained attention and recognition with the DOE’s DAC Commercial CDR Purchase Pilot Prize program as a semifinalist.
According to the International Energy Authority’s Net Zero by 20250 scenario report, DAC deployments are critical in meeting emissions-reduction goals globally. By 2030, DAC applications will capture over eighty-five tonnes of carbon dioxide, and that capture rate is projected to increase to 980 million tonnes by 2050. To accomplish these goals, the industry recognizes the need for public and private investment in the DAC market. Through an accelerated rate of buildout of DAC technologies, experts believe they will play a vital role in achieving a world with net zero emissions.
Nick Vaccaro is a freelance writer and photographer. In addition to providing technical writing services, he is an HSE consultant in the oil and gas industry with twelve years of experience. Vaccaro also contributes to SHALE Oil and Gas Business Magazine, American Oil and Gas Investor, Oil and Gas Investor, Energies Magazine and Louisiana Sportsman Magazine. He has a BA in photojournalism from Loyola University and resides in the New Orleans area. Vaccaro can be reached at 985-966-0957 or [email protected].
