Jericho Oil Corp. (JCO:TSX.V; JROOF:OTCMKTS) agreed to acquire Hydrogen Technologies Inc.'s (HTI) assets in an all-stock transaction, it announced in a news release.
Hydrogen Technologies developed and patented a high-temperature Dynamic Combustion Chamber boiler that enables hydrogen to generate heat, hot water, high-temperature steam and Combined Heat and Power (CHP) through a closed-loop process, cleanly, without emissions.
The award-winning technology "aims to decarbonize the nearly $30 billion global commercial and industrial heating industry while providing best-in-class energy efficiencies," the release noted. Fossil fuel has powered the water heating, steam generating and CHP market for more than a century, emitting carbon dioxide, nitrogen oxides and sulfur dioxide in the process.
The current commercial and industrial market for boilers stands at about $30 billion per year and is estimated to grow 5Ė7% annually over the next seven years, research shows.
Also included in the deal is Hydrogen Technologies' technical team, including the company founder Ed Stockton and president Janet Reiser.
For the transaction, Jericho will issue to Hydrogen Technologies 6.7 million shares of its common stock in tranches upon achievement of agreed-upon milestones.
"The world is increasingly demanding a transition away from traditional energy sources to low carbon solutions; HTI's hydrogen solution expands our portfolio to include a technology that will transition one of the largest carbon emitters to a zero-emission energy source," Jericho CEO Brian Williamson said in the release. "We look forward to receiving the exchange's final approval and updating our shareholders accordingly on our go-forward energy portfolio strategy."
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