PHILADELPHIA, PA and VANCOUVER, BC / ACCESSWIRE / November 19, 2024 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce that a California-based project co-developed by its wholly owned subsidiary, Hydrogen Technologies ("HT"), has been awarded USD$1 million in funding from the U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HTFO).
The project, Hydrogen Permitting Issues and Improvements (HPII), was developed by HT and three partners: Sandia National Laboratories, GHD (a global professional services company with expertise in hydrogen infrastructure), and the University of California at Riverside. The team will identify and address challenges with the deployment of hydrogen-powered equipment (e.g., steam/hot water boilers, fuel cells and fork-lifts) at locations where hydrogen is likely to play a role but is currently an unfamiliar fuel, such as at manufacturing facilities or district heating systems.
HT will receive a share of the total funding for its part in engaging current and potential users of hydrogen-fueled boilers, their permitting authorities, community and environmental organizations.
The HPII project will identify and address technological and administrative barriers to permitting hydrogen projects. The project focuses on providing state-of-the-art safety and risk analysis for select use-cases and real-world data on at-scale issues and concerns to improve integration into existing industrial infrastructure. The project includes a strong community engagement strategy where local representatives from disadvantaged communities are engaged early in the process to identify challenges and mitigation measures to ensure success.
Brian Williamson, CEO of Jericho Energy Ventures, commented: "We are proud to be part of this important DOE-funded project with our esteemed partners. We see the independent launch of our Hydrogen Solution Platform accelerating our access to future collaborations and partnerships with groups pushing full steam ahead with lower emissions industrial and commercial solutions. Beyond delivering our patented, zero-emission hydrogen DCC boiler technology, we are increasingly being recognized as a trusted, innovative hydrogen solutions partner to industry and government."
HT is collaborating with several multi-national corporations and universities to complete feasibility studies for the utilization of our zero-emission hydrogen boiler technology. HT is presently working with its manufacturing partner, Superior Boiler, to deploy its boiler technology at a prominent Western US university while providing decarbonized district heat for its campus.
Hydrogen Technologies' GHG-free hydrogen-fueled boilers offer a highly efficient and sustainable alternative to conventional fossil fuel-based boilers. DCC™ boilers eliminate greenhouse gas emissions, providing a clean and eco-friendly source of steam and hot water for various industries and applications. HT's DCC™ system is a recipient of the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" award recognizing profitable solutions to protect the environment.
JEV recently announced plans to spinout its hydrogen platform from its traditional energy assets as a separate, pure-play H2 solutions company to maximize shareholder value.
The Company also announces that it has arranged a shares for debt transaction to settle an aggregate of $376,071 in interest accrued on convertible debentures outstanding up to November 12, 2024 and disclosed in the Company's financial statements and in the Company's news releases dated January 7, 2022 and April 5, 2024. The shares for debt settlement is subject to approval from the TSX Venture Exchange ("TSXV"), pursuant to TSXV Policy 4.3 - Shares for Debt, which will be followed by the Company issuing an aggregate of 2,892,846 common shares (the "Settlement Shares") at a deemed price of $0.13 to 14 of the holders of the debentures of which two are non-arm's length parties to the Company. The Settlement Shares will be issued subject to prospectus exemptions available pursuant to Canadian securities laws and will be subject to a four month and one day hold period.
The shares for debt transaction was approved by the Company's board of directors and did not require a formal valuation nor minority shareholder approval pursuant to Multilateral Instrument 61-101.
About Hydrogen Technologies
Hydrogen Technologies (HT) offers its award-winning CLEAN, ZERO-EMISSION ENERGY SOLUTION for the Commercial and Industrial Boiler Market. There are a wide range of applications for our cleanH2steam DCC™ boiler, which works much like traditional commercial heat, hot water and industrial steam boilers. Whether the application is district heating, food processing, chemical refining, pharmaceuticals, pulp and paper mills, or any other industrial process, HT has a reliable, efficient and clean solution for your GHG and ESG goals.
Website: www.hydrogentechnologiesllc.com
X: https://x.com/h2_technologies
LinkedIn: https://www.linkedin.com/company/hydrogen-technologies-inc/
HT CONTACT:
Dean Moretton, Chief Commercial Officer
Hydrogen Technologies
Email: sales@hydrogentechnologiesllc.com
About Jericho Energy Ventures
Jericho 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 California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis, 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.
Website: www.jerichoenergyventures.com
X: https://x.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
JEV CONTACT:
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
Email: investorrelations@jerichoenergyventures.com
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, the successful specific grant funding application and approvals by the DOE. Selection for award negotiations is not a commitment by DOE to issue an award or provide funding.
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.
SOURCE: Jericho Energy Ventures, Inc.
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