Jericho Energy Ventures Participates in U.S. Department of Energy Hydrogen Earthshot Program RFI

Rhea-AI Summary

Jericho Energy Ventures (OTC PINK:JROOF) has submitted vital research to the U.S. Department of Energy's Earthshot Hydrogen Program's Request for Information. This initiative aims to boost clean hydrogen innovations to achieve a net-zero carbon economy by 2050. Jericho's proprietary Dynamic Combustion Chamber™ (DCC™) technology is a zero-emission boiler already operational in California. CEO Brian Williamson stated that hydrogen will play a crucial role in the energy transition, targeting the $30 billion Commercial & Industrial steam market.

Positive

• Jericho's DCC™ technology is a patented zero-emission boiler, enhancing its competitive edge.
• Participation in the DOE Hydrogen Earthshot Program could open funding and collaboration opportunities.
• The technology addresses a significant market potential of $30 billion in the C&I steam sector.

Negative

• Dependence on government programs for project prioritization could pose risks if not successful.
• Competition in the hydrogen technology sector may impact market penetration.

• Participation Aimed at Advancing Breakthrough Zero-Emission DCC™ Hydrogen Boiler Technology for Industrial and Commercial Applications

NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / August 12, 2021 / Jericho Energy Ventures (TSXV:JEV)(Frankfurt:JLM0)(OTC PINK:JROOF) ("Jericho" or "JEV" or the "Company") is pleased to announce that it has submitted research and informational materials pertaining to the patented, breakthrough Dynamic Combustion Chamber™ (DCC™) to the U.S. Department of Energy's (DOE) Earthshot Hydrogen Program's Request for Information (RFI).

The DOE's Energy Earthshots Initiative is intended to rapidly advance breakthroughs of clean energy solutions within the next ten years. The first Earthshot launched was the Hydrogen Shot and JEV's submission is aimed at helping the DOE's Hydrogen Program prioritize projects that would accelerate clean hydrogen innovations that could reduce emissions, create jobs, and facilitate a net-zero carbon emissions economy by 2050.

The DCC™, developed by JEV's wholly owned subsidiary, Hydrogen Technologies (HT), is the only zero-emissions, closed-loop hydrogen boiler, which produces clean process steam without generating any air pollutants or emissions. HT's first generation, emission-free DCC™ boiler is already deployed in Modesto, California with the Plumber & Steam Fitters Union.

The DOE's Hydrogen Program, led by the Hydrogen and Fuel Cell Technologies Office within the Office of Energy Efficiency and Renewable Energy, conducts research and development in hydrogen production, delivery, infrastructure, storage, fuel cells, and multiple end uses across transportation, industrial, and stationary power applications. The program also includes activities in technology validation, manufacturing, analysis, systems development and integration, safety, codes and standards, education, and workforce development.

"The DOE's push to accelerate the development of clean hydrogen, as a key initiative in the energy transition, will greatly hasten hydrogen's ascension to one of the primary fuels globally," said JEV CEO Brian Williamson. "With costs coming down, we see hydrogen as a big part of the energy complex of the future as we aim to decarbonize the $30 billion C&I steam market with our disruptive DCC™ boiler technology."

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 in addition to its investment in H2U's electrocatalyst and low-cost electrolyser platform. 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/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 electrocatalyst and low-cost electrolyser 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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FAQ

What is Jericho Energy Ventures' submission to the U.S. Department of Energy?

Jericho Energy Ventures submitted research related to its Dynamic Combustion Chamber™ technology to the DOE's Earthshot Hydrogen Program.

How does Jericho's technology impact clean hydrogen production?

Jericho's DCC™ technology is a zero-emission boiler that produces clean steam, supporting the transition to a net-zero carbon economy.

What market potential does Jericho Energy Ventures target?

Jericho targets the $30 billion Commercial & Industrial steam market with its hydrogen boiler technology.

What is the significance of the DOE's Earthshot program for Jericho?

The DOE's Earthshot program aims to accelerate clean hydrogen innovations, providing Jericho potential funding and partnership opportunities.