Cosmo, Iwatani collaborate on hydrogen; SK Group invest $100M in 8 Rivers

Cosmo Energy Holdings Co., Ltd. (Japanese oil refiner) and Iwatani Corp. (Energy company) have signed a basic agreement to start considering business collaboration for developing hydrogen business.

Both partners will work on:

• Hydrogen station business
• Engineering field related to hydrogen production, etc.
• The utilisation of domestic receiving bases and overseas sources for building hydrogen supply chain

The partners will first consider establishing a consortium for the construction and operation of hydrogen stations targeting commercial fuel cell vehicles by the end of 2022.

At Cosmo, hydrogen is used in the manufacturing process of petroleum products, and group companies are responsible for the construction and maintenance of hydrogen production equipment

Iwatani started handling hydrogen in 1941 and has built an integrated nationwide network from manufacturing to transportation, storage, and security; and has a 70% share of the hydrogen market in Japan.

8 Rivers and SK Group Asian joint venture for global decarbonisation

8 Rivers Capital, LLC announced a US$ $100 million investment from SK Group, along with the establishment of an 8 Rivers-SK joint venture to focus on decarbonisation of Korean and key Asian markets.

This investment establishes 8 Rivers as the premier Net Zero solutions company globally for industrial decarbonisation, offering innovative solutions that are deployment-ready today and will help drive global decarbonisation through 2050.

SK’s investment will enable 8 Rivers to expand its world-class innovation and execution team and accelerate the deployment of 8 Rivers’ clean technologies at the pace and scale that customers and governments are now demanding globally.

SK’s technological and engineering capabilities will support 8 Rivers, while SK will leverage the partnership to deploy clean projects for its domestic and foreign operations.

The 8 Rivers-SK Asia Joint Venture will combine 8 Rivers’ technology with SK’s regional footprint to deploy clean hydrogen and zero-emissions power projects across major energy centres in the Asia-Pacific region.