Jericho Expands Energy Portfolio with Agreement for the Acquisition of Hydrogen Technology

TULSA, Okla. and VANCOUVER, British Columbia, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF) is pleased to announce that it is has entered into an agreement for the acquisition of all the assets of Hydrogen Technologies Inc. (“HTI”). HTI holds robust intellectual property for a breakthrough high-temperature Dynamic Combustion Chamber (“DCC”) boiler that enables zero-emissions hydrogen to generate heat, hot-water, high-temperature steam, and Combined Heat & Power (“CHP”) through a closed-loop process. The closing of the acquisition remains subject to the approval of the TSX Venture Exchange and also the approval of the shareholders of HTI.

HTI’s patented zero emissions DCC boiler system aims to decarbonize the nearly $30 billion global commercial and industrial heating industry while providing best-in-class energy efficiencies.

• The traditional water heating, steam generation and CHP market has been powered by fossil fuel for over 100 years, producing harmful Carbon Dioxide (CO2), nitrogen oxides (NOx) and sulfur dioxide (SO2) emissions which are increasingly being phased out or eliminated through government-led emission-based performance standards worldwide
• Globally, 85% of all Industrial Boilers emit harmful greenhouse gas emissions (GHG) with over 35% of the Industrial Boiler install base still powered by coal
• Critically, 37% of all fossil fuels utilized in US Industry today are burned to produce steam, with all the major industrial energy users devoting significant proportions of their fossil fuel consumption to steam production: food processing (57%), pulp and paper (81%), chemicals (42%), petroleum refining (23%) and primary metals (10%)
  • Steam is used in 80% of the electrical generation in the US

HTI’s DCC can be used for a variety of commercial and industrial applications, generating zero emission electricity when combined with a turbine genset in CHP applications. The patented DCC technology:

• Awarded the Solar Impulse Efficient Solutions Label in 2019
• Requires no air permit, with water as the only by-product
• Eliminates all NOx, SOx and CO2 emissions through a closed-loop combustion process
• Produces at a 30% greater efficiency than traditional fossil fuel boilers with a 97% overall boiler thermal efficiency
• Critically, the Total Cost of Production ($ / lb steam) is cost competitive to traditional hydrocarbon boiler systems