Jericho Energy Ventures (TSX.V: JEV) (OTC: JROOF) is thrilled to be collaborating with one of the world's largest alcoholic beverage companies. The alcohol giant will conduct a decarbonization study on the implementation of Jericho’s DCC™ boilers across its production facilities in four different countries. This is a distinct accolade for Jericho Energy Ventures and an initiative that the company is honored to be a part of.
Who is Jericho Energy Ventures?
Jericho Energy Ventures is a company focused on the green transition with a core interest in hydrogen. By implementing a series of strategic acquisitions, partnerships, and investments Jericho has built a portfolio of unique assets in the hydrogen industry.
These include wholly owned subsidiary Hydrogen Technologies, which has developed a patented zero-emissions hydrogen boiler for commercial and industrial customers, along with investments in electrolyser technology businesses H2U Industries and Supercritical Solutions.
To advance its journey in pursuit of green hydrogen initiatives, the company is uniquely positioned with access to readily available funding. That’s thanks to its hydrocarbon JV assets that returned record cash flow in 2022 with further growth expected ahead. This allows the company to enjoy the best of both worlds in bridging the transition from oil and gas to clean energy. Not only does this ensure the Jericho team has a big-picture view of the energy landscape but this access to cash helps protect shareholders from the need for capital raises and share price dilution.
Drinks Sector Decarbonisation Study
Jericho’s wholly owned subsidiary, Hydrogen Technologies, will lead this pioneering study with the top 5 global alcoholic drinks company. As the emissions-free hydrogen boiler developer, Hydrogen Technologies will leverage its expertise in the process.
Dean Moretton, Chief Commercial Officer of HT, stated:
"We are honored to have been retained by one of the world's largest alcoholic beverage companies for this multi-nation decarbonization study of their facilities. Our innovative DCC™ steam boiler solution, fueled by hydrogen and emitting zero-emissions, has the power to help the beverage industry transition towards Net Zero production and this study has the potential to result in multiple DCC™ deployments across several countries.”
This premium beverage business is determined to decarbonize its operations and its collaboration with Jericho aligns with its commitment to pursuing sustainable production practices.
Jericho’s Hydrogen Technologies will evaluate the opportunity and potential to deploy its DCC™ boilers across the beverage company's production facilities in four different countries. Encouragingly, this initiative comes at a time when the global drinks industry is seeking out ways to decarbonize in line with a growing industrial focus on decarbonization.
Indeed, the Beverage Industry Environmental Roundtable’s Facility Decarbonization Playbook highlights the importance of “Elimination” in its definition of “avoiding emissions by changing processes or technology or switching power or fuel source.”
Incredibly, each DCC™ boiler is anticipated to eliminate the equivalent CO2 emissions of approximately 5,000 cars.
Analyst-Approved Potential to Scale
Jericho is seeing the fruits of its labor begin to flourish as it gains recognition and partnerships materialize. With governments globally driving net zero targets, industrial companies are desperate to find ways to decarbonize. This is where Jericho is ready to step in and help.
Indeed, Jericho’s potential to help businesses reduce their carbon footprint with its unique hydrogen boiler has given equity research firm Atrium Research reason to believe Jericho has a bright future ahead. Analysts at Atrium Research recently awarded Jericho Energy Ventures a Buy rating with a target share price of $0.40, 67% above its share price at the time of analysis. Atrium’s report states it anticipates Jericho’s boiler unit sales will scale quickly over the next three years.
Building Momentum
All-in-all, Jericho is enjoying an exhilarating 2023, with momentum gaining as multiple partnerships are announced. The news of its collaboration with a leading global beverage company comes hot on the heels of a European partnership announcement with Exogen and Sofinter Group to manufacture and sell a new modular and deliverable hydrogen steam plant solution, the HSP3000.
Furthermore, subsidies and incentives are driving companies to switch to hydrogen-powered solutions. An example of the US government's push to encourage hydrogen adoption is its Department of Energy (DOE) project to create 6-10 clean hydrogen hubs with $1bn of investment in each project.
Jericho Energy Ventures and its patented DCC™ boiler technology is a proud participant in the HALO Hydrogen Hub's final submission to the DOE, in partnership with one of the largest food companies in the United States. This collaboration is yet another illustration of the potential and breadth of markets for Jericho’s DCC™ boiler and the role it expects it to play in decarbonizing the commercial and industrial heat and steam markets nationwide.
With analyst approval, a growing list of partnerships, a self-funding source of cash, and incentives driving decarbonization, Jericho Energy Ventures is in the right place at the right time to harness the positive sentiment surrounding hydrogen and to scale the adoption of its boiler technology.
