DURHAM, N.C., June 7, 2012 /PRNewswire/ -- NET Power LLC, a portfolio company of 8 Rivers Capital LLC, has secured an investment of up to $50.4 million in cash and in kind services from The Shaw Group Inc., a leading global provider of engineering and construction services. NET Power is dedicated to providing clean, low-cost power generation to the world.
"8 Rivers Capital is thrilled that NET Power is partnering with The Shaw Group to develop this groundbreaking technology," said Dr. Miles Palmer, Chairman of 8 Rivers Capital. "This is an important day for 8 Rivers and for the entrepreneurial community in Durham, NC, which has provided a world-class environment to develop NET Power and other 8 Rivers companies."
8 Rivers Capital's mission is to identify critical problems facing the world and then develop innovative solutions that are both cheaper and better than existing technologies. 8 Rivers co-founders Bill Brown and Miles Palmer developed NET Power, a novel power generation technology, to address the world's growing energy challenges. Recognizing that fossil fuels offer the most reliable, lowest cost energy available today but contribute significantly to global carbon emissions and pollution problems, the 8 Rivers team developed a new fossil fuel-based thermodynamic cycle – named the Allam Cycle after lead inventor and 8 Rivers Capital Chief Technologist Rodney Allam – that is both less expensive and cleaner than conventional technologies. The very nature of NET Power's technology inherently captures all air emissions and produces a pipeline-ready CO2 byproduct that can either be sequestered or used in enhanced oil recovery (EOR). EOR is a decades-old technology that utilizes CO2 to extract more oil from mature oil fields while storing carbon dioxide below ground. NET Power will have both the capacity and economics to fill the substantial current need for CO2 in the EOR industry. For the first time, carbon sequestration will be economically viable.
The 8 Rivers portfolio includes companies pursuing innovative technologies in a variety of other industries, including e-commerce, medical devices, parking, employment and communications. BuyStand is developing a revolutionary e-commerce platform. ParkIntuit is integrating convenience, economics and environmental concerns to radically improve present-day parking. Entasso.com is helping transform the job market so that jobs are filled faster and yield longer-term satisfaction for both employers and employees. And HemoSonics is developing the gold standard to diagnose and manage bleeding and clotting in all medical specialties.
8 Rivers is also actively developing a platform to promote "Entrepreneurial Capitalism" in the region that runs from Raleigh-Durham to Charlotte and on to Greenville-Spartanburg by partnering with disruptive start-up companies and large, established firms.
"This country has many centers of excellence for major innovation," said Bill Brown, chief executive officer of NET Power, "but our region has provided unparalleled support for NET Power's development. The intellectual, financial, and human capital in the region is second to none, and we are working to further strengthen this entrepreneurial ecosystem."
Shaw's investment in NET Power LLC will fund the development of a 25MW small-scale natural gas plant. The plant will capture all air emissions, will generate revenue from the sale of electricity and carbon dioxide for EOR, and is expected to begin operating in mid-2014. Shaw will acquire up to 50 percent of NET Power LLC as the four phases of the project are completed.
NET Power's technology is a flexible platform that will provide offerings across a wide range of industrial processes, and 8 Rivers will continue to work with the company to commercialize these applications. Future NET Power variants will include the use of coal and biomass, the retrofitting of steam cycles, and integration with liquefied natural gas regasification facilities, solar thermal plants, enhanced oil recovery sites, and desalination plants– all of which will yield similarly excellent environmental and economic benefits.
NET Power LLC is a Durham, N.C.-based company owned by 8 Rivers Capital LLC, the inventor and early developer of the NET Power technology. NET Power LLC is commercializing its novel thermodynamic cycle, a platform technology with broad applications across the energy industry. Part of NET Power LLC is beneficially owned by Duke University. For more information, please visit NET Power's website at www.NETPowerllc.com.
8 Rivers Capital LLC is a Durham, N.C.-based technology commercialization firm dedicated to identifying critical problems facing the world and developing innovative solutions that are both cheaper and better than existing approaches. For more information, please visit 8 Rivers Capital's website at www.8riverscapital.com.
This press release contains forward-looking statements and information about our current and future prospects and our operations and financial results, which are based on currently available information. The forward-looking statements include assumptions about our operations, such as cost controls and market conditions, that may not be realized. Actual future results and financial performance could vary significantly from those anticipated in such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise.
As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and our financial condition and results of operations could be materially adversely affected.
SOURCE 8 Rivers Capital LLC