Jericho Energy Ventures Applauds DOE Bipartisan Infrastructure Law's $9.5 Billion Clean Hydrogen Initiatives

Rhea-AI Summary

Jericho Energy Ventures (OTC PINK:JROOF) praised the U.S. Department of Energy's $9.5 billion Clean Hydrogen Initiatives under the Bipartisan Infrastructure Law. This initiative aims to integrate clean hydrogen into various sectors to achieve President Biden's goals of a 100% clean grid by 2035 and net-zero emissions by 2050. The funding allocates $8 billion for Regional Clean Hydrogen Hubs, $1 billion for Electrolysis Programs, and $500 million for Manufacturing Initiatives. Jericho plans to invest in hydrogen technologies to align with these objectives.

Positive

• Support for the U.S. Department of Energy's initiative could enhance Jericho's business prospects in hydrogen technologies.
• Aligning with governmental goals for clean energy transition may lead to increased investments and funding opportunities.

Negative

• None.

NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / February 28, 2022 / Jericho Energy Ventures (TSXV:JEV)(Frankfurt:JLM0)(OTC PINK:JROOF) ("Jericho" or "JEV" or the "Company"), focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems, applauds the U.S. Department of Energy's (DOE) establishment of the Bipartisan Infrastructure Law's $9.5 Billion Clean Hydrogen Initiatives.

The DOE's news release regarding the Initiatives recognizes clean hydrogen as being crucial to the DOE's strategy for achieving President Biden's goal of a 100% clean electrical grid by 2035 and net-zero carbon emissions by 2050. The Bipartisan Infrastructure Law includes $8 billion for Regional Clean Hydrogen Hubs that will create jobs to expand use of clean hydrogen in the industrial sector and beyond; $1 billion for a Clean Hydrogen Electrolysis Program to reduce costs of hydrogen produced from clean electricity; and $500 million for Clean Hydrogen Manufacturing and Recycling Initiatives to support equipment manufacturing and strong domestic supply chains.

Brian Williamson, CEO of Jericho Energy Ventures, stated, "The strong, bipartisan DOE initiative to fund innovation and accelerate deployment-at-scale of clean hydrogen, as a key initiative in the U.S. energy transition, will rapidly advance the clean molecule's adoption for use as a fuel, feedstock and store of energy. Jericho's strategy to actively invest, commercialize and scale the right technologies within the energy transition and the hydrogen ecosystem more specifically, aligns perfectly with the DOE's stated objectives. Public policy is an effective tool in bringing down the cost premium associated with clean technologies, and we look forward to being an active participant in the DOE's initiatives to achieve net zero by 2050."

About Jericho Energy Ventures

Jericho Energy Ventures (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. Our wholly owned subsidiary, Hydrogen Technologies, delivers zero-emission boiler technology for the decarbonization of heat and steam utilized throughout industry. We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyser platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyser).

Website: https://jerichoenergyventures.com/
Twitter: https://twitter.com/JerichoEV
LinkedIn: https://www.linkedin.com/company/jericho-energy-ventures
YouTube: https://www.youtube.com/c/JerichoEnergyVentures

CONTACT:

Adam Rabiner
Director of IR
Jericho Energy Ventures
604.343.4534
adam@jerichoenergyventures.com

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and 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. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and 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 information and statements which include, but are not limited to: the effects of and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; liabilities inherent in Jericho's low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems; that Jericho's wholly owned subsidiary, Hydrogen Technologies, will deliver zero-emission boiler technology to the $30 Billion Commercial & Industrial heat and steam industry; the performance of H2U's and Supercritical's electrocatalyst and low-cost electrolyzer platform and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information and 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 information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Neither 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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https://www.accesswire.com/690604/Jericho-Energy-Ventures-Applauds-DOE-Bipartisan-Infrastructure-Laws-95-Billion-Clean-Hydrogen-Initiatives

FAQ

What is Jericho Energy Ventures' involvement in the U.S. Department of Energy's Clean Hydrogen Initiatives?

Jericho Energy Ventures supports the DOE's $9.5 billion Clean Hydrogen Initiatives aimed at promoting clean hydrogen technologies for a sustainable energy future.

How much funding is allocated for Regional Clean Hydrogen Hubs?

The Clean Hydrogen Initiatives include $8 billion specifically for the development of Regional Clean Hydrogen Hubs.

What are the goals of the U.S. government's Clean Hydrogen Initiatives?

The initiatives aim to achieve a 100% clean electric grid by 2035 and net-zero carbon emissions by 2050.

What is Jericho Energy Ventures' stock symbol?

Jericho Energy Ventures trades under the stock symbol JROOF on the OTC market.