Jericho Energy Ventures: HTI’s Patented DCC™ Hydrogen Boiler Technology Included in Government Funded Program to Decarbonize UK Distilling Industry

Rhea-AI Summary

Jericho Energy Ventures (JROOF) announced its cleanH2steam Dynamic Combustion Chamber™ (DCC™) boiler’s inclusion in the Project HyLaddie feasibility study for the Bruichladdich Distillery, aiming to cut fossil fuel emissions. Funded by the UK Government's £9 million Green Distilleries Competition, this initiative seeks to decarbonize the whiskey industry, which emitted approximately 530,000 tonnes of CO2e in 2018. Jericho's technology promises a zero-emission solution, leveraging hydrogen to transform steam generation in over 500 UK distilleries.

Positive

• Inclusion in Project HyLaddie feasibility study for Bruichladdich Distillery.
• Part of a £9 million UK Government initiative to decarbonize distilleries.
• Potential to reduce carbon emissions significantly in the whiskey industry.

Negative

• None.

NEWTOWN, Pa. and VANCOUVER, British Columbia, April 14, 2021 (GLOBE NEWSWIRE) -- Further to its news release dated March 11, 2021, Jericho Energy Ventures (TSXV: JEV; Frankfurt: JLM0; OTC: JROOF) (“Jericho” or “JEV” or the “Company”) is pleased to report that Hydrogen Technologies’ (“HTI”) patented, zero-emissions, hydrogen-based, cleanH2steam Dynamic Combustion Chamber™ (DCC™) boiler solution – through its exclusive UK licensing partners, Protium Green Solutions and sister company Deuterium – was included in a successful Phase One government funded feasibility study, dubbed Project HyLaddie, for the renowned Bruichladdich Distillery, located on the island of Islay in Scotland.

Project HyLaddie is part of the UK Government’s Green Distilleries Competition, a £9 million Government funded program to help the UK’s world-famous distilleries get into the spirit of going green, cutting emissions and supporting green jobs. The grants will specifically support successful distilleries to accelerate projects that decarbonize their production processes, which typically rely on fossil fuels. Funding will enable distilleries to cut carbon emissions by half a million tonnes every year.

Hydrogen presents a significant opportunity for the whiskey industry and Islay itself, which currently uses fuel oil to meet its steam and heating demand. The production of whiskey in the UK directly produced around 530,000 tonnes of CO2e in 2018, with the majority of these emissions coming from the generation of heat for the distillation process which accounts for more than 80% of the distillation industry’s fuel consumption – all of which is currently from fossil fuels. HTI’s cleanH2steam DCC™ boiler creates heat and steam via hydrogen combustion through a closed-loop system, with zero emissions. With the number of UK distilleries totaling over 500, there are significant opportunities, in connection with our UK licensing partner, to expand our technology across the expansive UK alcoholic beverage markets.

Funding for the Green Distilleries Competition is part of a larger £1 billion Net Zero Innovation Portfolio which aims to accelerate low-carbon technologies, systems and processes in power, buildings, and industrial sectors. Alongside a dedicated hydrogen strategy, the UK is quickly moving towards large-scale funding initiatives to decarbonize many of its most carbon intensive industries.

Brian Williamson, CEO of JEV, stated, “We are thrilled that our DCC™ technology has been given the opportunity to demonstrate how hydrogen can be utilized to deliver a zero-emission steam solution for the world-class Bruichladdich distillery. The Food & Beverage market is presently a major consumer of steam from fossil fuels and we look forward to working with our partner Protium to help the industry transition to zero-emissions with our unique hydrogen-based heat and steam solution.”

About Jericho Energy Ventures

Jericho Energy Ventures (www.jerichoenergyventures.com) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems.

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.

FAQ

What is Jericho Energy Ventures' latest announcement regarding JROOF?

Jericho Energy Ventures announced its cleanH2steam DCC™ boiler's inclusion in Project HyLaddie for Bruichladdich Distillery.

What is Project HyLaddie related to JROOF?

Project HyLaddie is a feasibility study funded by the UK Government to explore hydrogen solutions for reducing emissions at the Bruichladdich Distillery.

How much funding is associated with the Green Distilleries Competition?

The Green Distilleries Competition has a funding amount of £9 million aimed at supporting UK distilleries in decarbonizing their production processes.

What emissions reduction is expected from Jericho's technology in the whiskey industry?

Jericho's technology aims to significantly reduce emissions in the whiskey industry, which produced around 530,000 tonnes of CO2e in 2018.

How does Jericho Energy Ventures' technology work?

Jericho's DCC™ boiler uses hydrogen combustion in a closed-loop system to produce heat and steam with zero emissions.