Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC PINK: JLM:FRA) subsidiary Hydrogen Technologies is partnering with Arkansas-based Tyson Foods on a proposed decarbonization project using hydrogen-fueled boilers as part of a three-state hydrogen hub.
Tyson, one of the world's largest food companies, would use Hydrogen Technologies' Dynamic Combustion Chamber™ boilers at its Arkansas food processing facilities.
The partnership would be part of the HALO Hydrogen Hub, a bipartisan partnership between Arkansas, Louisiana, and Oklahoma that has applied to the U.S. Department of Energy for up to US$1.25 billion in project funding as part of the DOE's Regional Clean Hydrogen Hubs program (H2Hubs).
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Tyson had US$53 billion in sales in fiscal year 2022 and produces 1 in every 5 pounds of chicken, beef, and pork in the U.S. It has about 142,000 employees, the company noted on its website.
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The project would help Tyson realize a long-term goal of reducing carbon emissions in its food processing plants. If successful, multiple DCC™ boilers could be deployed across the company's Arkansas facilities.
The H2Hubs program includes up to US$7 billion to establish six to 10 regional clean hydrogen hubs across the United States.
The HALO Hydrogen Hub includes 12 projects in the three states, including other leaders in their industries like LSB Industries, Pilot Travel Centers, Summit Utilities, Air Products, Nutrien, Shell, CF Industries, Nextera Energy, Enel Green Power, and Woodside Energy.
HALO was one of 79 first-round applicants to the program last year and is one of the 33 finalists invited by the DOE to submit final applications. It filed its final US$1.25 billion funding request submission to the agency April XX.
Hydgrogen Technologies' DCC™ boiler burns hydrogen and oxygen in a vacuum chamber to create high-temperature water and steam with no greenhouse gases or other pollutants. The only by-product is water, which is recycled. It's meant to replace existing boilers that burn coal, natural gas, diesel, or fuel oil.
"We are pleased to see HALO file its final submission with the DOE and are proud to support its goals of spurring transformative technologies and investments that will lower costs and increase adoption of hydrogen, as well as reduce carbon and other emissions," Jericho Chief Executive Officer Brian Williamson said.
The Catalyst: Decarbonization
If the world wants to meet a net-zero emissions scenario by 2050, it needs more hydrogen technology and projects, the International Energy Agency wrote.
"Faster action is required on creating demand for low-emission hydrogen and unlocking investment that can accelerate production scale-up and deployment of infrastructure," the agency wrote.
The DOE said the hydrogen market 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.”
There's more hydrogen in the universe than anything else, but it doesn't occur on its own naturally on Earth. It needs to be separated from water or hydrocarbon carbons using electrolyzers.
It's also a "uniquely versatile energy carrier," according to a report by the Hydrogen Council. "It can be produced using different energy inputs and different production technologies. It can also be converted to different forms and distributed through different routes — from compressed gas hydrogen in pipelines through liquid hydrogen on ships, trains or trucks, to synthesized fuel routes."
'Fuel of the Future'
DCC™ boilers are being considered for deployment at major facilities around the world, the company has said. Feasibility studies are being conducted or considered at 34 locations across seven industries and five continents.
Hydrogen "is a fuel of the future" and Jericho is "moving with the times, newsletter writer Clive Maund of CliveMaund.com wrote for Streetwise Reports.
The National Inflation Association has predicted Jericho would be one of the market's largest percentage gainers of 2023, reaching "levels that are many times higher than today."
Last December, the DCC™ was awarded the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" label recognizing profitable solutions for protecting the environment.
Jericho started in 2014 as an oil company, but in 2020 began to pivot toward green energy. The company continues to use profits from remaining oil and gas assets to fund its investments in zero-admission hydrogen technologies.
Another portfolio company of Jericho, H2U Technologies, recently announced it is partnering with a Japanese gas company to develop low-cost electrolyzers for making "green" hydrogen from renewable energy sources like wind and solar.
Streetwise Ownership Overview*
Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC PINK: JLM:FRA)
H2U and Tokyo Gas Co. Ltd. (TKGSY:OTCMKTS) have signed a multiyear joint development agreement to discover new materials that can be used to help extract the element.
Ownership and Share Structure
Around 35% of Jericho's shares are held by management, insiders, and insider institutional investors, the company said. They include CEO Brian Williamson, who owns 1.26% or about 2.85 million shares; founder Allen William Wilson, who owns 0.87% or about 1.97 million shares; and board member Nicholas Baxter, who owns 0.5%, or about 1.1 million shares, according to Reuters.
Around 10% of shares are held by non-insider institutions, and 65% are in retail, the company said.
JEV's market cap is about CA$61 million, and it trades in a 52-week range of CA$0.53 and CA$0.255. It has 226.3 million shares outstanding, 158.8 million of them floating.
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