November 9, 2021

Durham, USA and Tokyo, Japan: JX Nippon Oil & Gas Exploration Corporation ("JX") (President and CEO, Hiroshi Hosoi), JX Nippon Oil Exploration (U.S.A.) Limited ("NOEX USA") (President, Jotaro Tomoeda) and 8 Rivers Capital, LLC ("8 Rivers") have executed a comprehensive collaboration agreement bringing together two world-leaders in carbon capture, utilization, and storage (CCUS) to collaborate on the acceleration of the decarbonization of power and hydrogen generation globally.

JX has established proven track records in several CCUS projects, such as aCO₂　injection pilot test in Vietnam and the Petra Nova CCUS Project utilizing CO₂ captured from a thermal power plant in Texas, U.S.A. In addition to the continuation of safe and stable operations as an energy operator in Asia, JX has been exercising an initiative to develop its sustainable energy business.

8 Rivers has been driving the energy transition for over a decade and was the inventor of the paradigm-changing zero-carbon power generation system being commercialized by NET Power, LLC, of which 8 Rivers is a co-owner. Further, 8 Rivers is the developer of the best-in-class clean hydrogen and ammonia technology, ⁸RH₂, and a suite of industrial decarbonization technologies including the TarT sour-gas treatment system and net-zero solutions for steel production, direct air capture, and point-source carbon capture. 8 Rivers is leading deployment of several marquee decarbonization projects globally, including major projects in the United States, United Kingdom, and Australasia that are expected to be operating by mid-decade, reducing carbon dioxide emissions by millions of tonnes every year.

Cam Hosie, CEO of 8 Rivers: "Collaboration with JX is a major force multiplier for decarbonization. It allows 8 Rivers to scale its clean energy business across the globe at a world-leading pace, leveraging JX's global footprint, expertise and decarbonization goals to accelerate deployment of zero-emissions power and hydrogen to help meet our collective net-zero ambitions. This global collaboration with a market-leading energy firm leveraging cutting-edge decarbonization technologies will help enable gigaton-scale carbon reductions."

Hiroshi Hosoi, President and CEO of JX: "JX is delighted to engage with 8 Rivers on decarbonization, underpinning JX's conviction that CCUS will play a vital role in the realization of carbon neutrality. We look forward to expanding our lower carbon business portfolio with this exciting collaboration with 8 Rivers."

Online Signing Ceremony

Top Left: (8 Rivers)Cam Hosie CEO and Damian Beauchamp President, Top Right: (JX) Hosoi President, Bottom Left: (NOEX USA) Tomoeda President,
Bottom Right: (8 Rivers) Bill Brown Executive Chairperson

ABOUT 8 RIVERS CAPITAL LLC 8 Rivers Capital, LLC is a Durham, NC-based firm leading the invention and commercialization of sustainable, infrastructure-scale technologies for the global energy transition. 8 Rivers Capital is the inventor of the Allam-Fetvedt Cycle, a paradigm-changing net zero power solution.8 Rivers is also focusing on developing and deploying technologies for clean hydrogen and ammonia (8RH2), direct air capture, retrofit carbon capture, sour gas sweetening, and other advanced energy systems. www.8Rivers.com.

About JX Nippon Oil & Gas Exploration Corporation: JX Nippon Oil & Gas Exploration Corporation have engaged in energy exploration and production (E&P) business around the world for over 40 years, as a core operating company in the ENEOS Group, one of Japan's leading company groups of comprehensive energy, natural resources, and materials. JX have been continuously carrying out safe and stable operations in Malaysia, Vietnam, and Japan, as operator for many years. In every aspect of JX's projects, JX will make best effort to keep safety and harmonize with environment. For more information please visit
https://www.nex.jx-group.co.jp/english/.