Jericho Energy Ventures, Exogen Hydrogen Solutions and Sofinter Group Announce European Industrial Partnership
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VANCOUVER, BC, LONDON, UK and MILAN, ITALY / ACCESSWIRE / July 13, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho"), EXOGEN Hydrogen Solutions ("Exogen") and Sofinter Group ("Sofinter") are pleased to announce a strategic industrial partnership to manufacture, implement, and service an innovative new Hydrogen Steam Plant, the HSP3000, as a scalable, turnkey solution.
INDUSTRIAL PARTNERSHIP
The HSP3000 is being produced and assembled by industry leader Sofinter Group. This first-of-its-kind hydrogen steam plant features the patented DCC™ boiler technology developed by Hydrogen Technologies, a wholly owned subsidiary of Jericho Energy Ventures. Exogen offers the HSP3000 as an integrated product and engineering solution including hydrogen production and storage units.
TURNKEY SOLUTION
The HSP3000 is a breakthrough, zero-emissions, hydrogen-powered steam solution for industrial steam and thermal applications. The plant comes pre-assembled in container-sized units and ships by road transport.
Each HSP3000 installation is expected to permanently eliminate the CO2 equivalent of about 5,000 cars.¹ It is a powerful way for reaching Net Zero objectives, accelerating the impact roadmap for many industrial businesses and district heating facilities.
Because of its pioneering design, the HSP3000 requires no smokestack or hazardous emission management systems. 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.
For clients, this turnkey solution would eliminate onsite engineering risks associated with legacy methane boiler systems under hydrogen blending. It thereby significantly lowers the barriers to hydrogen technology adoption. The hydrogen steam plant is modular and scalable and will suit site-specific customer needs.
An additional upside comes from permanently eliminating all NOx, CO2 and other GHG emissions from industrial steam and district heating applications. As a result, many businesses may have the opportunity to harvest their highly valuable carbon permits for immediate economic payback.
FAST-GROWING MARKET
The fast-growing project pipeline represents strong global demand for novel decarbonization solutions for hard-to-abate sectors. There are many legacy industrial steam and district heating installations that must be replaced to achieve Net Zero emission targets.
Hard-to-abate sectors, such as steel, glass, and cement are ramping up the deployment of hydrogen furnaces to decarbonize their production process. With the Exogen HSP3000, decarbonization now also becomes available for a wider range of industries with equally heavy NOx and CO2 emission profiles. This new frontier of hydrogen technology applications reaches Pulp & Paper, Food & Beverages, Pharmaceuticals, Industrial Chemicals and even the Oil & Gas industry.
There is an equally strong demand for decarbonization in the 16EJ (or 507 GW) district heating market.² Application demand ranges from Hospitals and Airports to actual City Districts and industrial-scale Glasshouses.
MANAGEMENT COMMENTS
Brian Williamson, CEO of Jericho Energy Ventures, said: "Decarbonizing heat is the holy grail in energy markets and at Jericho we are right in the middle of it. With our leading hydrogen technologies, we are enablers of the green energy transition. Therefore, we are very excited about our three-way partnership with Sofinter Group in manufacturing and after-market services, and Exogen in product and engineering solutions. By joining forces to solve some of the most important problems of our time, we are in a leading position to service the decarbonization needs of the large industrial steam market and the equally expansive district heating segments. The future is green, and we are proud to be part of the solution."
Mario Reinisch, CEO of Exogen Hydrogen Solutions, said: "The HSP3000 is a bold step into a Net Zero future. Bringing this pioneering plant design to market as a turnkey product is the result of the combined effort of three hydrogen technology leaders. We are very pleased to partner with Sofinter Group, and Jericho Energy Ventures, both sharing our vision. Decarbonizing steam long seemed out of reach, earning the dreadful label, "hard-to-abate." But now, with the HSP3000, there is an effective solution. Together we accelerate the energy transition with hydrogen for a sustainable future."
Giorgio Bona, General Manager of Sofinter Group, said: "The world of energy is changing fast, and the Exogen HSP3000 is an ideal fit for our strategic road map servicing the booming Net Zero economy. At Sofinter we are pioneers in the development of innovative combustion techniques with low emissions and high environmental sustainability. Therefore, decarbonization solutions are a strategic priority for us. We are very excited to work with Exogen and Jericho, supporting their bold step into a Net Zero future, servicing their impressive growth pipeline with our international manufacturing footprint and aftermarket service know-how."
ABOUT JERICHO ENERGY VENTURES
Jericho Energy Ventures 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 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 novel electrocatalyst and low-cost iridium-free 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 commodity price environment.
Website: https://jerichoenergyventures.com/
Twitter: https://twitter.com/JerichoEV
LinkedIn: https://www.linkedin.com/company/jericho-energy-ventures
JEV CONTACT:
Allen Wilson, Director,
or Adam Rabiner, Director of IR
Tel. +1.604.343.4534
investorrelations@jerichoenergyventures.com
ABOUT EXOGEN HYDROGEN SOLUTIONS
EXOGEN offers end-to-end hydrogen technology solutions. We are a product and service provider in the fast-expanding hydrogen value chain. EXOGEN works with highly innovative companies across industry, commerce, and the built environment to help achieve their Net Zero goals. We offer comprehensive decarbonization solutions for industrial steam, mobility, green power, and district heating applications. The first-of-its-kind hydrogen steam plant, Exogen HSP3000, is a zero-emissions turnkey solution for hard-to-abate sectors of the economy. Together with Park Lane, an independent financial adviser to the hydrogen ecosystem, we connect distributed green energy assets with regulated ESG funding pools. Our combined Energy-as-a-Service (EaaS) offering is allocating capital efficiently, identifying the natural owner of green energy assets and their infrastructure. As a result, we can lower funding costs for our industry clients, while improving portfolio diversification and ESG ratings for institutional investors.
Website: https://exogen.energy/
LinkedIn: https://www.linkedin.com/company/exogen-hydrogen
EXOGEN CONTACT:
Saverio Costanzo
Director
EXOGEN Hydrogen Solutions
+39 342 753 3946
saverio@exogen.energy
ABOUT SOFINTER GROUP
Sofinter Group is a leader in the international energy markets, providing plants and parts for industrial steam production, power generation, and waste & water treatment. Under the Macchi brand, SOFINTER is a worldwide leader in the design and construction of industrial boilers and heat recovery systems for cogeneration cycles in the refining, oil & gas, and petrochemical sectors. Under AC Boilers, formerly Ansaldo Caldaie, SOFINTER is the leader in the design, manufacture, and construction of utility-sized boilers for power generation. SOFINTER is also active in the sector of desalination and seawater treatment and condensation process with SWS "Saline Water Specialist", as well as in the management of industrial plants with EUROPOWER, providing EPC services. With CCA Centro Combustione Ambiente, SOFINTER operates one of the largest European combustion research centres, which is a pioneer in the development of innovative combustion techniques with low emissions and high environmental sustainability.
Website: https://www.sofinter.it/en/
Website: https://www.macchiboiler.it/
LinkedIn: https://www.linkedin.com/company/sofinter/?originalSubdomain=it
SOFINTER CONTACT:
Angelo Alfieri
HR Director
Sofinter Group
+39 0331 738 345
angelo.alfieri@sofinter.it
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, the successful implementation of the industrial partnership and future demand for the HSP3000.
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.
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.
¹ Engineered Systems, "The Evolution of Hydrogen Technology: Zero-Emission, Closed-Loop Boilers," by R. Breen, October 2021
² IEA, "District Heating Report," by C. Delmastro, September 2022
SOURCE: Jericho Energy Ventures Inc.
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