Joint Washington-Oregon regional concept paper one of 33 out of 79 proposals to receive encouragement to proceed toward potential billion-dollar DOE funding award
TULSA, OK and VANCOUVER, BC / January 9, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce that it is a proud stakeholder in the Pacific Northwest Hydrogen Association (PNWH2), which has received a letter of encouragement from the U.S. Department of Energy (DOE) to submit a full application for funding to construct a regional clean hydrogen hub in the Pacific Northwest.
JEV's PNWH2 hub submission included the utilization of its novel zero-emission Dynamic Combustion Chamber™ (DCC™) hydrogen fueled boiler in partnership with one of the leading district energy providers in the U.S.
PNWH2's concept paper is one of 33 concept papers given the greenlight to proceed from among 79 submitted to DOE late last year. In the Dec. 27 letter of encouragement, DOE said it expects to review and select six to 10 of the full applications for federal funding estimated at around $1 billion per hub.
PNWH2 Chair Lisa Brown, Director of the Washington State Department of Commerce, and Vice Chair Janine Benner, Director of the Oregon Department of Energy, shared a joint statement reacting to the news:
"We are grateful to receive encouragement from Department of Energy on the PNWH2 Hub's concept paper. This is an important milestone in the process to create a dynamic hydrogen market and supply chain in the Pacific Northwest, and we are pleased to see that DOE valued the ideas submitted last month," said Brown and Benner. "We now turn our attention to the full application process and competing for the hub funding. The PNWH2 is leveraging vast amounts of green power in the Pacific Northwest, expanding our commitment to community engagement and environmental justice, and deepening our partnerships with labor, tribal nations, and public and private sectors to bring this industry of the future and green jobs to the region."
The PNWH2 is a public-private partnership created in the spring of 2022 as a special purpose entity to apply for the DOE Hydrogen Hubs program with support from Washington Governor Jay Inslee and subsequent funding from the Washington legislature. PNWH2 enlisted a board of directors that includes representatives from tribal nations, labor, business and industry, universities, and the environmental community spanning Oregon and Washington. To learn more, please visit https://pnwh2.com/.
The DOE's Regional Clean Hydrogen Hubs program includes up to US$7 billion in funding to assist with the establishment of six to 10 regional clean hydrogen hubs across America.
JEV, through its wholly owned subsidiary, Hydrogen Technologies (HT), owns the zero-emission Dynamic Combustion Chamber™ (DCC™), a [breakthrough] hydrogen fueled boiler with zero CO2 and zero Greenhouse Gas emissions which was designed to replace existing boilers that burn coal, natural gas, diesel, or fuel oil, which account for a significant percentage of global greenhouse gasses emitted each year. In December 2022, the DCC™ was awarded the Solar Impulse Foundation's "Solar Impulse Efficient Solution" Label which recognizes profitable solutions to protect the environment.
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.
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For Further Information:
Allen Wilson, Director, or
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
investorrelations@jerichoenergyventures.com
www.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. Specifically, this news release contains forward-looking statements relating to, among others, success in the execution and funding of the PNWH2 Hydrogen Hub and future demand for DCC™ boilers.
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. 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.
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SOURCE: Jericho Energy Ventures Inc.
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