In a news release, Jericho Oil Corp. (JCO:TSX.V; JROOF:OTCMKTS) announced that it has "received final TSX Venture Exchange approval to complete its acquisition of all the assets of California based Hydrogen Technologies Inc. (HTI)." Jericho Oil noted that it first announced the purchase last month and that HTI shareholders have now voted to approve the transaction.
The firm noted that "HTI's patented and novel high-temperature cleanH2steam Dynamic Combustion Chamber (DCC) boiler enables zero-emissions hydrogen to generate heat, hot-water, high-temperature steam, and Combined Heat & Power (CHP) through a closed-loop process." The company advised that the cleanH2steam DCC boiler offers best-in-class energy efficiencies and is directly targeted to de-carbonize the estimated $30 billion annual global commercial and industrial heating industry.
The company indicated that it has "retained the highly dedicated and robust technical team from HTI including its founder, Ed Stockton, and President, Janet Reiser." The firm pointed out that Stockton's previous tenure with Florida Power & Light (now NextEra Energy) where he focused largely on low-carbon technologies and his technical expertise in the hydrogen market will help make for a smooth transition in increasing the DCC boiler's commercial success together with Jericho's low-carbon energy portfolio. The firm added that Reiser who has a vast amount of experience in energy management and engineering will continue to lead HTI's day-to-day operations and sales efforts.
Jericho Oil Corp.'s CEO Brian Williamson stated, "We are pleased to have received final approvals from the TSX-V and HTI shareholders. Moving forward, we are excited about the growing market for hydrogen and its ability to decarbonize many hard-to-abate industries. Hydrocarbon boilers are used throughout many Commercial and Industrial processes, providing Jericho with a large, underserved market for our zero-emission hydrogen-based solution."
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