TULSA, OK and VANCOUVER, BC / ACCESSWIRE / June 27, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC: JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to report that its portfolio company, H2U Technologies ("H2U"), has announced the successful demonstration of the first non-iridium Proton Exchange Membrane (PEM) electrolyzer for commercial hydrogen production.
Today, all commercially available PEM electrolyzers rely on iridium catalysts to function. As the electrolyzer industry grows, global iridium scarcity poses a serious threat to scale-up. In its most recent Global Hydrogen Review publication, the International Energy Agency states, "If PEMs supplied all electrolyser production in 2030 in the Net Zero Emissions Scenario, demand for iridium would skyrocket to 63 kt, nine times current global production."
In connection with the in-house demonstration of its 200kW iridium-free electrolyzer system, the H2U team collected and continues to collect operational data to further validate the durability and performance of novel non-iridium catalysts at the commercial scale. H2U will apply those lessons learned to the design review and construction of their first external proof-of-concept units set to ship at the end of this year.
"This is a significant milestone for H2U on our path to solving a key problem facing the hydrogen industry: the dependency on scarce and precious materials currently needed to make hydrogen. We believe H2U's non-iridium PEM electrolyzers have the potential to transform the green hydrogen industry," said Mark McGough, CEO of H2U Technologies, adding that he expects H2U's breakthrough technology will bring down gas production costs and alleviate supply chain constraints, making green hydrogen more accessible and cost-effective for a wide range of applications.
"From a 200W benchtop, short stack to a 200kW full containerized system in less than eight months using catalysts never before seen in a PEM electrolyzer is a tremendous accomplishment. Now the world can see that there are easily integrated, direct-replacement electrocatalysts for the gigawatts of electrolyzers being planned across the world," noted David Martin, Chief Commercial Officer of H2U Technologies.
JEV is a significant shareholder in H2U and has an appointee to its Board of Directors. To learn more about how H2U is developing technologies to dramatically reduce the cost of green hydrogen, visit H2Utechnologies.com. H2U can also be found on LinkedIn and Twitter.
JEV also announces that it has entered into an agreement with Digitonic Limited ("Digitonic") to provide JEV with marketing and investor relations services. Digitonic, an investor relations firm based in Glasgow, Scotland, will provide content creation, distribution, and advertising services focused on the North American market. Under the terms of the agreement, dated June 22, 2023, Digitonic has agreed to provide investor relations and marketing services to the Company beginning immediately through September 30, 2023 in exchange for an aggregate amount of two hundred and sixty thousand US dollars. Digitonic brings a best-in-class marketing platform to JEV as it looks to tell its story about its diversified energy portfolio to an expanded audience. JEV and Digitonic are arm's length parties, and Digitonic holds no shares or options to purchase shares in the issued and outstanding capital of JEV and will not be granted any securities, or any right to acquire such an interest of the Company in connection with this agreement.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyzer). Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production into the current elevated commodity price environment.
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:
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
investorrelations@jerichoenergyventures.com
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such 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. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur.
Forward-looking 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 statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedar.com.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. In particular, this press release contains forward looking statement with respect to year-end shipments of proof of concept PEM electrolyzers and future validation of the durability and performance of novel non-iridium catalysts at the commercial scale. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The 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 statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the 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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