TULSA, OK and TEESSIDE, UK / November 30, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTCPINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce that its portfolio company, Supercritical Solutions Ltd., ("Supercritical"), has achieved a significant milestone in the sustainable energy industry with the completion of its innovative green hydrogen demonstrator at their Teesside facility in North East England.
UK Minister for Energy Efficiency and Green Finance, Lord Callanan, visited the advanced testing unit at Supercritical's facility, commenting, "Innovation is central to delivering the new technologies we need to cut our carbon emissions and reach net zero. Backed by £2.9 million in government funding, this new milestone will forge the way to using hydrogen in whisky production, helping to decarbonise our industrial heartlands."
The demonstrator is part of the WhiskHy project, a collaboration led by Supercritical with Beam Suntory, a global leader in premium spirits, and the Manufacturing Technology Centre, part of the High Value Manufacturing Catapult. Funded by the Net Zero Innovation Portfolio under the Green Distilleries Competition, the project innovates by combining traditional whisky production methods with zero emission technology.
Supercritical's novel approach to water electrolysis, functioning at elevated pressures and temperatures, has set a new global benchmark in efficiency, and is expected to be pivotal in reducing green hydrogen costs, fast-tracking its accessibility.
Supercritical's innovative approach, featuring a membraneless, iridium-free, and compressor-free solution, is expected to solve critical supply chain challenges and presents a scalable and efficient alternative to conventional methods.
The facility is a global novelty in high-pressure green hydrogen production at 220bara, and serves as a crucial testing ground for optimizing Supercritical's innovative electrolyser technology. With continued support, Supercritical anticipates delivering green hydrogen below £1/kg before 2030, marking a transformative era in the energy landscape.
Supercritical's news release announcing the completion of its innovative green hydrogen demonstrator can be viewed at: https://www.supercritical.solutions/post/uks-green-energy-and-whisky-innovation-hub-established-at-supercriticals-new-facility
JEV holds a seat on Supercritical's Board of Directors and led Supercritical's January 2022 USD$3.6 million Seed Series funding round, alongside Chris Sacca's Lowercarbon Capital and New Energy Technology.
Supercritical is a leading global green-hydrogen innovator. Based in the UK the clean-tech startup company produces the highest pressure hydrogen in the world, delivering a cost-effective, carbon-free and supply chain safe solution. It does so by applying its exclusive and proprietary high-efficiency electrolyser technology.
The business was founded by Matt Bird, Mike Russ & Luke Tan, veterans of the hydrogen industry. The company is a spin off from Deep Science Ventures, a London based impact oriented venture builder, and has Lower Carbon Capital - Chris Sacca's fund - among its investors.
The company has developed multiple partnerships to progress with industrial applications, with highlights to Beam Suntory, a leading global spirits company with ambitious goals to achieve net-zero distilling through the WhiskHy project.
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 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 current elevated commodity price environment.
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
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, future demand for Supercritical's electrolyzer technology and the success of its green hydrogen demonstrator.
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.sedarplus.ca.
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.
SOURCE: Jericho Energy Ventures Inc.
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