Study Ranks Jericho Energy Ventures-Associated HALO Hydrogen Hub Among the Top 10 Hubs Poised for Success in Securing Funding from DOE’s Regional Clean Hydrogen Hubs Program

TULSA, OK and VANCOUVER, BC / ACCESSWIRE / August 16, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is greatly encouraged by a recent analysis conducted by Rystad Energy, an independent energy research and business intelligence firm. This analysis places the HALO Hydrogen Hub ("HALO Hub") at an impressive second position within a compilation of the ten hydrogen hubs projected to achieve success in securing funding as part of the U.S. Department of Energy's ("DOE") Regional Clean Hydrogen Hubs program ("H2Hubs").

The H2Hubs initiative entails the allocation of up to US$7 billion in financial support to facilitate the establishment of six to 10 regional clean hydrogen hubs across the U.S. The DOE is anticipated to unveil the recipients of H2Hubs funding during the fall of 2023.

Rystad Energy's hydrogen hubs analysis results were reported by Hydrogen Insight, and can be accessed here: https://www.hydrogeninsight.com/analysis/exclusive-the-top-ten-us-hydr ...

In accordance with JEV's prior announcement, the Company is a proud stakeholder in the HALO Hub, which embodies a bipartisan consortium spanning Oklahoma, Arkansas, and Louisiana. Distinguished partners in the HALO Hub project include Air Products, Baker Hughes, Cherokee Nation, GE, NextEra, and Woodside, among others.

The HALO Hub's initial concept proposal was formally submitted to the DOE in November 2022. Out of a total of 79 hydrogen hubs that submitted initial proposals, the DOE shortlisted 33, including the HALO Hub, to present Full Applications in the pursuit of potentially securing up to US$1.25 billion each in federal funding. On April 6, 2023, the HALO Hub submitted its Full Application, effectively showcasing the multi-state coalition's diverse assets throughout the hydrogen value chain encompassing feedstock, production, transportation, delivery, storage, and ultimate utilization.

On August 3, 2023, Jericho announced a notable milestone: a prominent U.S. university's decision to procure and deploy JEV's state-of-the-art, zero-emission DCC™ hydrogen-fueled steam boiler within its district heating system. This pivotal move signifies an audacious first stride in the decarbonization of the district heating sector.

DCC™ GHG-free hydrogen-fueled boilers, developed by JEV's wholly owned subsidiary, Hydrogen Technologies ("HT"), offer a highly efficient and sustainable alternative to conventional fossil fuel-based boilers. These boilers eliminate greenhouse gas emissions, providing a clean and eco-friendly source of steam for various industries and applications. Leveraging an exothermic reaction that combines pure hydrogen (H2) and pure oxygen (O2) gas, the DCC™ achieves an independently verified fuel efficiency of over 97%, with zero greenhouse gas emissions.¹ In December 2022, the DCC™ was awarded the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" label, recognizing profitable solutions to protect the environment.