Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTCMKTS) is joining with Australia’s LINE Hydrogen Pty Ltd. to bring Jericho’s zero-emissions hydrogen boiler technology to that country.
The companies are creating a distribution “hub” that will allow a constant supply of hydrogen fuel for its DCC™ boilers.
Fuel supply dependability has never been an issue with other forms of energy, Jericho Chief Executive Officer Brian Williamson told Streetwise Reports. Industry will demand the same of newer, greener energies.
“In this clean energy transition, that’s the number one concern,” Williamson said. “’Can you get me supply? We like your boiler, but ultimately, what we really need to know is can you provide us the fuel to run it every day?’”
Hydrogen Technologies, a fully owned subsidiary of Jericho, has patented its method for burning hydrogen and oxygen in a vacuum chamber to create high-temperature water and steam with no greenhouse gases. The only by-product is water. It can be used for commercial heating, hot water, and industrial steam boilers.
Hydrogen “is a fuel of the future.”
—Technical analyst Clive Maund
The U.S. Department of Energy said the hydrogen market “is in its infancy,” but that it has the “potential for near-zero greenhouse gas emissions.”
“Hydrogen generates electrical power in a fuel cell, emitting only water vapor and warm air,” the agency wrote. “It holds promise for growth in both the stationary and transportation energy sectors.”
The element is abundant in our environment, and the most abundant element in the universe. It’s stored in water, hydrocarbons (such as methane), and other organic matter.
As technical analyst Clive Maund wrote, hydrogen “is a fuel of the future.”
Hydrogen Boilers 'Really Changing the Environment'
Jericho said additional industrial partners will be announced in the coming months and the first DCC™ Boiler is expected to be installed in Tasmania, Australia, in 2023. It would be supported with hydrogen from LINE Hydrogen’s plant in George Town, Tasmania.
Williamson said the Jericho has “quite a few” companies that have already expressed interest in the boiler system. Jericho said it will target everything from large industrial plants to schools and hopes to create other duplicate hubs in other places in the world, like the United States, Canada, and Europe.
Each boiler removes the equivalent carbon dioxide of 2,500 cars a year (or about 4,400 tons of carbon dioxide), according to the company.
“You are really changing the environment where you live and work with the system,” Williamson said. “The goal is to continue to decarbonize the value chain, so that everything in it from the end user to the hydrogen to everything in between is green.”
The hub concept makes sure that the end users and the plant that makes the hydrogen are close enough that supply won’t run out.
Making the Green Transition
Jericho was once an oil and gas business. It still has interests in those sectors and has been using money from rising fossil fuel prices — a cashflow increase of about 15% to 18% in the sector this year over last year—to help fund its push toward hydrogen.
It “makes a nice opportunity to organically grow what we’re doing and continue to generate cashflow,” Williamson said.
The company began transitioning to green energy in June 2020. In January 2021, it announced the acquisition of Hydrogen Technologies. Also last year, it announced a collaboration with Rémy Cointreau’s Bruichladdich Distillery in Scotland to install a boiler to run its stills that produce Scotch and artisanal gin.
Other green investments include in H2U Technologies Inc., which is developing an electrocatalyst discovery process for electrolyzer and fuel cell applications; and Supercritical Solutions Ltd., which is developing a new class of water electrolyzer that will allow low-cost hydrogen production. Jericho led the seed series funding round for SuperCritical and was joined by Chris Sacca’s Lowercarbon Capital as a co-investor.
Jericho has a market cap of CA$89.2 million with with 225.8 million shares outstanding. It trades in a 52-week range of CA$0.84 and CA$0.31.
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1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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