Less than a year after watching a portfolio firm go public, Durham cleantech innovator 8 Rivers has a new CEO — a Texas attorney who says he'll bring a renewed focus on commercialization.
Chris Richardson, a 20-year veteran in the energy and infrastructure business, is an attorney by trade, most recently with global law firm White & Case. Most of his career has been focused on structuring, negotiating and implementing major energy-intensive projects. "Both getting them set up and operational, but [also] helping people with all the challenges that come with running those projects," he said.
It’s experience he plans to bring to 8 Rivers, which was recently in the headlines for Net Power, a public company developing complex net-zero energy plants. 8 Rivers developed the technology before majority investors swooped in and took the company public through a SPAC deal.
Richardson said the plan for 8 Rivers’ next priority project, known as Project Cormorant, is different.
The Cormorant project surrounds the buildout of an ultra-low-carbon ammonia production facility in Port Arthur, Texas. The facility, the first commercial deployment of its proprietary hydrogen process, will produce 880,000 tons of ammonia, with a 99 percent CO2 capture rate.
But Richardson doesn’t see it as spinning out in the same way as Net Power, where 8 Rivers is currently a minority investor.
He sees 8 Rivers as maintaining its majority interest in the technology going forward. While conversations are happening with investors, "what we’re looking to do … is own and operate that project,” he said.
Richardson will be based in Houston, where 8 Rivers has an office. But he has an apartment in Durham and plans to spend most of his time here.
He replaces interim CEO Dharmesh Patel, who took over after the departure of Cam Hosie. Hosie is currently embroiled in litigation with the firm.
Patel was named senior vice president of finance.
8 Rivers has 70 employees.
In 2022, the company announced a $100 million investment from SK Group, along with the establishment of an 8 Rivers SK joint venture to focus on decarbonization of key Asian markets. Last year, SK Materials announced it would invest $300 million to acquire management rights to 8 Rivers.
