Jericho Energy Ventures (JEV:TSX.V; JROOF:OTCMKTS) announced in a news release that its wholly owned subsidiary Hydrogen Technologies signed an exclusive intellectual property licensing agreement with Deuterium Heating in the United Kingdom. The two companies will focus initially on the United Kingdom (U.K.) and Ireland.
"With heat being the largest contributor to UK carbon emissions (accounting for over one-third of the country's output) there is a significant and time sensitive issue at hand which, collectively, HTI, Deuterium and its sister company Protium hope to solve," the company noted.
The agreement will "further commercialize HTI"s unique hydrogen-based cleanH2steam DCC™ boiler," the release stated.
"The partnership will allow Hydrogen Technologies to expand their geographical footprint across Europe while offering a zero emissions heating and steam technology directed at decarbonizing the $30 billion global commercial and industrial heating market."
The U.K. presents a sizable opportunity as the government, with its Net Zero initiative, aims to shift to using only clean energy for heat and industrial processes. Developing hydrogen solutions is a big part of how the region is working to and will achieve that goal.
"Through the combination of Hydrogen Technologies' expertise in hydrogen boiler technology and Protium's knowledge of the U.K. market and their project acumen demonstrated to date, we are able to offer a unique method for helping British businesses to achieve zero emission heat and steam solutions," Jericho Energy Ventures' Head of Corporate Strategy Ryan Breen said in the release. "Over the long term, this agreement should provide good visibility and access into high-growth European markets where we can drive sales of our cleanH2steam DCC boiler."
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