Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC; JLM:FSE) announced a "leading global alcoholic beverage company" is collaborating with the company to study using its Dynamic Combustion Chamber™ hydrogen-fueled boilers to decarbonize its facilities.
The DCC™ steam boilers, made by subsidiary Hydrogen Technologies, are being implemented across the beverage company's production facilities in four countries, Jericho said.
The boilers have "the power to help the beverage industry transition towards Net Zero production, and this study has the potential to result in multiple DCC™ deployments across several countries," said Hydrogen Technologies' Chief Commercial Officer Dean Moretton.
The alcoholic beverage company wants to remain anonymous for the moment, Jericho said.
DCC™ boilers burn 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.
The world needs more hydrogen technology and projects if it wants to meet a net-zero emissions scenario by 2050, the International Energy Agency wrote.
Atrium Research analyst Nicholas Cortellucci wrote on July 13 that he expected that partnership to accelerate Hydrogen Technologies' sales commitments in the second half of the year.
"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.
Jericho recently announced it was partnering with two other companies to manufacture, implement, and service a new DCC™ boiler-based hydrogen steam plant called the HSP3000 that will come pre-assembled in container-sized units and eliminate the CO2 equivalent of about 5,000 cars.
Atrium Research analyst Nicholas Cortellucci wrote on July 13 that he expected that partnership to accelerate Hydrogen Technologies' sales commitments in the second half of the year.
"Hydrogen Technologies . . . has developed a cutting-edge zero-emission hydrogen steam boiler system which is positioned to disrupt one of the largest carbon-emitting industries in the world, steam boilers, wrote Cortellucci, who has rated the stock Buy with a CA$0.40 per share target price.
No Smokestacks, Hazardous Emissions
The beverage industry has published a "Facility Decarbonization Handbook" that recommends "avoiding emissions by changing processes or technology or switching power or fuel source."
"While many companies and facilities are setting ambitions and targets to reduce these emissions, it is still a relatively small percentage of all production facilities across all industrial sectors globally," the Beverage Industry Environmental Roundtable (BEIR) wrote. "Alone, one facility does not make the difference needed to tackle climate change impacts of production but taken together, all facilities can have a significant impact."
Almost US$26 billion in United States taxpayer money is being made available for hydrogen projects because of recent acts of Congress, The Guardian said.
The HSP3000 hydrogen steam plant will be scalable and modular and comes pre-assembled. It is being produced and assembled using the DCC™ technology by Sofinter Group and offered as an integrated solution by EXOGEN Hydrogen Solutions, Jericho noted.
"The HSP3000 can also eliminate all NOx, CO2, and other GHG emissions from industrial steam and district heating applications, potentially allowing clients to harvest carbon credits," Cortellucci wrote. "We expect the product launch to expedite sales commitments across various industries including, Pulp & Paper, Food & Beverages, Pharmaceuticals, Industrial Chemicals, and O&G (oil and gas)."
The unit requires no smokestack or hazardous emission management systems, Jericho pointed out.
"The only exhaust of the plant installation is clean water, which is ready for circular use with electrolyzer systems, further enhancing its positive environmental impact," the company said in a release.
The Catalyst: Billions Available for Hydrogen Projects
Jericho started as an oil company but is pivoting toward green energy. It continues to use profits from oil and gas assets to fund its investments in zero-emission hydrogen technologies.
While the hydrogen market "is in its infancy," it has the "potential for near-zero greenhouse gas emissions," the U.S. Department of Energy said.
"It holds promise for growth in both the stationary and transportation energy sectors," the agency wrote.
Almost US$26 billion in United States taxpayer money is being made available for hydrogen projects because of recent acts of Congress, The Guardian said.
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Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC; JLM:FSE)
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."
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 CA$61.08 million, and it trades in a 52-week range of CA$0.46 and CA$0.22. It has 248.14 million shares outstanding, 178.38 million of them floating.
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