Jericho Energy Ventures Applauds Latest Clean Hydrogen Push From US Policymakers

Rhea-AI Summary

Jericho Energy Ventures (OTC Pink:JROOF) supports U.S. policymakers' heightened focus on green hydrogen, following the launch of the DOE's Energy Earthshots Initiative aimed at reducing clean hydrogen costs by 80% to $1 per kilogram in ten years. This initiative aligns with the Biden-Harris Administration's net-zero carbon goal for 2050. Jericho's subsidiary, Hydrogen Technologies Inc., recently introduced its patented zero-emission DCC™ Boiler 3000 Series, targeting the $30 Billion commercial heat industry. The company continues to explore high-growth hydrogen generation technologies.

Positive

• Support from U.S. policymakers enhances market potential for green hydrogen technologies.
• Introduction of DCC™ Boiler 3000 Series positions Jericho as a leader in zero-emission commercial solutions.
• Focus on reducing clean hydrogen costs aligns with government initiatives, potentially increasing demand.

Negative

• None.

Company Plans Further Investments in High-Growth Hydrogen Generation and Application Technologies

NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / June 23, 2021 / Jericho Energy Ventures (TSXV:JEV)(FRA:JLM0)(OTC Pink:JROOF) ("Jericho" or "JEV" or the "Company"), focused on advancing the low-carbon energy transition with investments in hydrogen technologies, is pleased to support recent statements by U.S. policymakers heightening the importance of, and focus on, green hydrogen in their energy policies.

On June 7, 2021, U.S. Secretary of Energy Jennifer M. Granholm launched the U.S. Department of Energy's (DOE) Energy Earthshots Initiative, to accelerate breakthroughs of more abundant, affordable, and reliable clean energy solutions within the decade. The first Energy Earthshot - Hydrogen Shot - seeks to reduce the cost of clean hydrogen by 80% to $1 per kilogram in one decade. Achieving these targets will help America tackle the climate crisis, and more quickly reach the Biden-Harris Administration's goal of net-zero carbon emissions by 2050 while creating good-paying, union jobs and growing the economy.

Also, on June 2, 2021 in California, the world's 5^th largest economy, a bipartisan coalition of 20 lawmakers called on the State to increase its funding for hydrogen by $300 million in its budget and set aside 20 percent of the state's Clean Transportation Program funding to bolster hydrogen fueling infrastructure in California.

Global mainstream media is also starting to take note of the dramatic rise of green hydrogen. On June 18, 2021, Bloomberg published an article, "Why Hydrogen Is the Hottest Thing in Green Energy," which opines that global plans for reducing climate change now envision a big role for hydrogen in curbing industrial emissions.

JEV is encouraged by these developments and believes they will have a positive impact on its wholly owned subsidiary, Hydrogen Technologies Inc. (HTI), which on May 26, 2021, introduced Generation 2.0 of its patented, hydrogen-based, zero-emission, cleanH2steam DCC™ Boiler 3000 Series.

The DCC™ was developed as a high-performance, cost-effective replacement for aging, polluting commercial and industrial boilers. Thermal requirements driven largely by fossil fuel-based boilers for space heat, hot water, industrial process steam account for over 20% of all global greenhouse gas emissions each year.

In addition to its breakthrough, commercial-ready HTI DCC™ boiler technology, JEV continues to actively diligence opportunities across a variety of high-growth hydrogen generation and application technologies. The recent statements by U.S. policymakers only reinforces that direction.

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. JEV's wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission, boiler technology to the $30 Billion Commercial & Industrial heat and steam industry. JEV also owns and operates producing oil and gas assets in the US Mid-Continent, predominantly in Oklahoma.

Website: https://jerichoenergyventures.com/
Twitter: https://twitter.com/JerichoEV
LinkedIn: https://www.linkedin.com/company/jericho-energy-ventures
YouTube: https://www.youtube.com/channel/UC0V0GVPsoEkTxPfJPnrJRKg

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; 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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FAQ

What is Jericho Energy Ventures' stock symbol?

The stock symbol for Jericho Energy Ventures is JROOF.

What recent initiative did U.S. policymakers launch related to hydrogen?

U.S. policymakers launched the Energy Earthshots Initiative aimed at reducing clean hydrogen costs by 80%.

What is the target cost for clean hydrogen per kilogram according to the Energy Earthshots Initiative?

The target cost is $1 per kilogram within a decade.

What technology did Jericho's subsidiary recently introduce?

Jericho's subsidiary introduced the DCC™ Boiler 3000 Series, a zero-emission boiler.

How much is the commercial heat industry that Jericho operates in worth?

The commercial heat industry is valued at $30 Billion.