US-based net-zero solutions provider 8 Rivers signs MOU to invest in Mid West clean energy project
A US-based net-zero solutions provider has come on board as an investor on a carbon capture and storage project south of Geraldton which is expected to reduce carbon emissions in the Mid West.
As part of a memorandum of understanding signed last week, 8 Rivers Capital has indicated they would invest $1 million in Pilot Energy’s project to turn the Cliff Head oil field into a launch pad for delivering affordable renewables.
The business will serve as the technical adviser on the clean hydrogen stage of the project, with the investment to focus on progressing engineering and comercialisation for the renewables.
Pilot Energy has also granted 8 Rivers a priority right to enter into a long-term ammonia offtake agreement once the project is in production.
Pilot Energy chairman Brad Lingo said recent feasibility studies had demonstrated the benefit of combining the Cliff Head carbon capture and storage resources with 8 Rivers’ clean hydrogen technology.
“Given 8 Rivers’ market-leading expertise in zero carbon solutions, the investment contemplated by the MOU represents a strong endorsement of Pilot’s Mid West clean energy project,” he said.
Chief executive Cam Hosie said 8 Rivers was committed to enabling the development of zero carbon fuels across the world, and the MOU with Pilot Energy marked the next step in that process.
“As the world continues to grapple with the consequences of climate change, we’re proud that Pilot is looking to 8 Rivers’ zero carbon solutions to underpin the creation of one of Australia’s most significant offshore carbon capture projects located on a critical supply route for Asia,” he said.
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