Jericho Energy Ventures has announced a strategic industrial partnership with EXOGEN Hydrogen Solutions and Sofinter Group. The group is working on a one-of-a-kind green technology that will allow commercial and industrial customers to eliminate a major portion of their harmful greenhouse gas emissions.
What is Jericho Energy Ventures?
Jericho Energy Ventures (TSX.V: JEV) (OTC: JROOF) is an energy company concerned with innovations and technologies that will drive the green transition. The company’s key focus is on hydrogen, with several different investments and assets in this industry.
These include wholly-owned subsidiary Hydrogen Technologies, which has developed a patented emission-free hydrogen boiler for commercial and industrial customers, and investments in electrolysis technology outfits H2U Industries and Supercritical Solutions.
As well as its active investments in hydrogen, Jericho’s strategy also involves owning, operating and developing traditional hydrocarbon assets. This means the company is providing energy in the current environment, as well as looking to invest in tomorrow’s sources.
It’s a strategy that sees Jericho reinvesting income from its hydrocarbon assets into the exploration of clean hydrogen solutions, lowering the need for capital raises and share price dilution. There’s momentum with this income too, with Jericho’s hydrocarbon assets having achieved a record performance in 2022 and further growth being targeted for the ongoing year.
This kind of success, along with the company’s interests in a variety of exciting hydrogen energy technologies, has earned Jericho a BUY rating from analysts at Atrium Research.
The trio has teamed up with the expressed purpose of creating and selling a unique hydrogen steam plant in the EU, which prominently features Jericho’s unique technology. The new partners will manufacture, implement, and service the HSP3000, a modular zero-emissions plant for commercial and industrial customers.
It includes hydrogen boiler technology from Jericho’s fully-owned subsidiary, Hydrogen Technologies, as well as hydrogen production and storage units. In short, it’s anticipated to be an all-in-one steam and thermal solution for commercial and industrial customers looking to decrease their emissions simply and reliably.
The reduction is not small either, with Jericho estimating that each individual installation will have the equivalent impact of removing approximately 5,000 cars from the road.
The technology is flexible enough to offer something to a wide variety of businesses, with Jericho noting that its scalable and modular design can suit numerous customer needs.
But why are hydrogen-based solutions like the HSP3000 seen as such an important part of the green transition?
Jericho and its partners are tapping into the green transition with this partnership, a transformation that is both necessary and a potentially lucrative money-making opportunity.
On a global scale, net zero pledges have been made by more than 70 nations, including powerhouses like the US, China and the European Union, and over 3,000 companies and financial institutions.
This means huge pressure exists for companies and nations to decarbonize their operations as quickly as possible.
Hydrogen is set to play a major part in this decarbonization process. For example, the United States government’s $7bn Regional Clean Hydrogen Hubs program aims to establish between six and ten clean hydrogen energy hubs across the country in order to improve access to clean energy.
This huge level of investment points to just how widely accepted hydrogen’s role in the transformation has become. Jericho’s clean hydrogen solutions appear well-placed to have a wide impact too.
For example, the company says its newly unveiled project can reach industries as diverse as pulp & paper, food & beverages, pharmaceuticals, industrial chemicals and even the oil and gas industry, as well as sectors like steel, glass, and cement production where the deployment of hydrogen furnaces is already ramping up.
The steam boiler market size alone was worth $16.3bn in 2021 and is expected to grow to more than $22bn by 2030, according to analysis from Straits Research. This is just one constituent part of the partnership’s innovative modular solution.
This all means there is a huge addressable market here, as well as strong motivation for market participants to seek out green solutions like those being provided by the partnership.
How has the partnership reacted?
As part of the partnership announcement, representatives from the three companies had their say on what the new development will mean.
Brian Williamson, CEO of Jericho Energy Ventures, said: “Decarbonizing heat is the holy grail in energy markets and at Jericho we are right in the middle of it. With our leading hydrogen technologies, we are enablers of the green energy transition.”
“Therefore, we are very excited about our three-way partnership with Sofinter Group in manufacturing and after-market services, and Exogen in product and engineering solutions.”
“By joining forces to solve some of the most important problems of our time, we are in a leading position to service the decarbonization needs of the large industrial steam market and the equally expansive district heating segments. The future is green, and we are proud to be part of the solution.”
Meanwhile, Mario Reinisch, CEO of Exogen Hydrogen Solutions, said: “Bringing this pioneering plant design to market as a turnkey product is the result of the combined effort of three hydrogen technology leaders.”
Finally, Giorgio Bona, General Manager of Sofinter Group, said: “We are very excited to work with Exogen and Jericho, supporting their bold step into a Net Zero future, servicing their impressive growth pipeline with our international manufacturing footprint and aftermarket service know-how.”
To find out more about the strategic partnership you can read the full press release on the Jericho Energy Ventures website.