TULSA, OK and VANCOUVER, BC / ACCESSWIRE / August 16, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is greatly encouraged by a recent analysis conducted by Rystad Energy, an independent energy research and business intelligence firm. This analysis places the HALO Hydrogen Hub ("HALO Hub") at an impressive second position within a compilation of the ten hydrogen hubs projected to achieve success in securing funding as part of the U.S. Department of Energy's ("DOE") Regional Clean Hydrogen Hubs program ("H2Hubs").
The H2Hubs initiative entails the allocation of up to US$7 billion in financial support to facilitate the establishment of six to 10 regional clean hydrogen hubs across the U.S. The DOE is anticipated to unveil the recipients of H2Hubs funding during the fall of 2023.
Rystad Energy's hydrogen hubs analysis results were reported by Hydrogen Insight, and can be accessed here: https://www.hydrogeninsight.com/analysis/exclusive-the-top-ten-us-hydrogen-hubs-most-likely-to-win-7bn-of-government-funding/2-1-1493421
In accordance with JEV's prior announcement, the Company is a proud stakeholder in the HALO Hub, which embodies a bipartisan consortium spanning Oklahoma, Arkansas, and Louisiana. Distinguished partners in the HALO Hub project include Air Products, Baker Hughes, Cherokee Nation, GE, NextEra, and Woodside, among others.
The HALO Hub's initial concept proposal was formally submitted to the DOE in November 2022. Out of a total of 79 hydrogen hubs that submitted initial proposals, the DOE shortlisted 33, including the HALO Hub, to present Full Applications in the pursuit of potentially securing up to US$1.25 billion each in federal funding. On April 6, 2023, the HALO Hub submitted its Full Application, effectively showcasing the multi-state coalition's diverse assets throughout the hydrogen value chain encompassing feedstock, production, transportation, delivery, storage, and ultimate utilization.
On August 3, 2023, Jericho announced a notable milestone: a prominent U.S. university's decision to procure and deploy JEV's state-of-the-art, zero-emission DCC™ hydrogen-fueled steam boiler within its district heating system. This pivotal move signifies an audacious first stride in the decarbonization of the district heating sector.
DCC™ GHG-free hydrogen-fueled boilers, developed by JEV's wholly owned subsidiary, Hydrogen Technologies ("HT"), offer a highly efficient and sustainable alternative to conventional fossil fuel-based boilers. These boilers eliminate greenhouse gas emissions, providing a clean and eco-friendly source of steam for various industries and applications. Leveraging an exothermic reaction that combines pure hydrogen (H2) and pure oxygen (O2) gas, the DCC™ achieves an independently verified fuel efficiency of over 97%, with zero greenhouse gas emissions.¹ In December 2022, the DCC™ was awarded the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" label, recognizing profitable solutions to protect the environment.
ABOUT JERICHO ENERGY VENTURES
Jericho Energy Ventures (JEV) is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyzer). Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production into the current elevated commodity price environment.
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur. Specifically, this news release contains forward-looking statements relating to, among others, success in the execution and funding of the HALO Hydrogen Hub and future demand for DCC™ boilers.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC™ feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
¹ Process Engineering Associates, LLC, "DCC™ Efficiency Test Report," by Chris Muntean, August 2022
SOURCE: Jericho Energy Ventures Inc.
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