World's First Green Ammonia Production Process To Be Developed in UK Utilizing Supercritical's Proprietary High-Pressure Electrolyzer - Powered by Renewable Energy - To Deliver Hydrogen Without the Need for Gas Compressors
NEWTOWN, PA, and VANCOUVER, BC / ACCESSWIRE / May 25, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM0) ('Jericho' or 'JEV' or the 'Company') is pleased to announce that its portfolio company, Supercritical Solutions, with partners ScottishPower and Proton Ventures, has secured approximately £146,000 funding from the Department for Business, Energy & Industrial Strategy ('BEIS') for Phase 1 of their GreeNH3 project as part of the UK government's Net Zero Innovation Portfolio Low Carbon Hydrogen Supply 2 Competition with up to £6 million available in Phase 2 subject to a competitive tender process.
Ryan Breen, JEV's Head of Corporate Strategy and Supercritical Board Member, commented, 'Supercritical Solutions continues to progress their first-of-its-kind electrolyzer technology and this funding victory provides them the opportunity to demonstrate its marketplace viability in partnership with global renewable energy and engineering firms.'
Ammonia, which is produced using hydrogen and nitrogen, is critically important in the production of fertilizers and as a fuel or energy carrier for hydrogen. However, the world's largest ammonia production technologies use hydrogen from fossil fuel sources, with the majority of the carbon emissions generated in the hydrogen production method.
Supercritical expects the GreeNH3 project to revolutionize that process and usher in a new era of green hydrogen storage and distribution.
It will use Supercritical's proprietary high-pressure electrolyzer - powered by renewable energy - to deliver hydrogen without the need for gas compressors. This will then be used in Proton Ventures' NFuel unit where the green hydrogen, under extremely high pressures, is combined with nitrogen from the air to produce ammonia.
ScottishPower, one of the UK's leading renewables developers and part of the Iberdrola Group, will operate the pilot facility, providing valuable operator and market feedback. ScottishPower is already exploring the export of green hydrogen or ammonia from the UK to countries like Germany through the Scot2Ger initiative.
Jericho led a Seed Series fundraising round for Supercritical in January 2022 and holds a minority equity position as well a seat on Supercritical's board of directors.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) 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 breakthrough, patented, zero-emission boiler technology to the approximately $30 Billion Commercial & Industrial heat and steam industry.* We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost 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 highly elevated commodity price environment.
Director of IR
Jericho Energy Ventures
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 the following forward-looking statements, among others: progress of Supercritical's electrolyzer technology; impact of the funding received for, and results of, the GreeNH3 project; use of hydrogen produced from Supercritical's high-pressure electrolyzer.
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: 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, 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.
*Grand View Market Research, 2020
SOURCE: Jericho Energy Ventures Inc.
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