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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Jericho Energy Ventures Subsidiary Hydrogen Technologies Announces Exclusive Licensing ...

March 11, 2021 GMT

– HTI Expands its market presence in high growth geographies 
– Go - to-market strategy aimed at decarbonizing Industrial users of heat and steam

TULSA, Okla. and VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) -- Jericho Energy Ventures (TSXV: JEV; Frankfurt: JLM0; OTC: JROOF) (“Jericho” or “JEV” or the “Company”) is pleased to announce its wholly owned subsidiary, Hydrogen Technologies (“HTI”), has signed an exclusive IP licensing agreement with UK-based Deuterium Heating Ltd (“Deuterium”).

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With heat being the largest contributor to UK carbon emissions (accounting for over one-third of the country’s output) there is a significant and time sensitive issue at hand which, collectively, HTI, Deuterium and its sister company Protium hope to solve.

The agreement will further commercialize HTI’s unique hydrogen-based cleanH2steam DCC™ boiler. The partnership will allow HTI to expand their geographical footprint across Europe, while offering a zero emissions heating and steam technology directed at decarbonizing the $30bn global Commercial & Industrial (“C&I”) heating market. The agreement’s initial geographic focus will be in the UK and Ireland.

To achieve the UK’s ambitious 2050 Net Zero goals, the government has set an aggressive agenda to decarbonize their heat, stating in their 2020 Energy White Paper: “Our success will rest on the decisive shift away from fossil fuels to using clean energy for heat and industrial processes...” while specifically developing hydrogen solutions including:

  • Support for generating over 5GW of low carbon hydrogen production capacity by 2030.
  • Developing the first town heated entirely by hydrogen.
  • Recognizing in its 2018 Industrial Fuel Switching report, that hydrogen has the greatest technical potential to achieve decarbonization of the UK’s industrial heating demand, making up nearly 50% of the 180TWh of industrial heat demand.
  • Banning, by 2025, the installation of new fossil fuel-based boilers that provide heat and hot water.

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Deuterium, launched last year to facilitate the IP licensing agreement, is the sister company of Protium Green Solutions Ltd., a leading UK green hydrogen energy services company providing project origination, design, and funding to support the development of hydrogen and fuel cell technologies.

Ryan Breen, Head of Corporate Strategy of JEV stated: “Given the UK’s Net Zero 2050 goals and the enthusiasm to decarbonize their heating demand, we are thrilled by our strategic partnership with Protium and Deuterium to expand the availability of our world-leading technology.

“Through the combination of HTI’s expertise in hydrogen boiler technology and Protium’s knowledge of the UK market and their project acumen demonstrated to date, we are able to offer a unique method for helping British businesses to achieve zero emission heat and steam solutions.

“Over the long term, this agreement should provide good visibility and access into high-growth European markets where we can drive sales of our cleanH2steam DCC boiler.”

Financial terms of the IP licensing agreement have not been disclosed.

About Protium

Protium is a UK‐based green hydrogen energy services company (HESCO). Founded in 2019, the company supports the transition to Net Zero by working alongside clients in manufacturing and transport infrastructure to deploy green hydrogen and renewable energy infrastructure assets.

www.protium.co.uk
www.twitter.com/Protium18
www.linkedin.com/company/protium-green-solutions

About Jericho Energy Ventures

Jericho Energy Ventures ( https://jerichoenergyventures.com ) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems.

https://twitter.com/JerichoEV
https://www.linkedin.com/company/jericho-energy-ventures/mycompany/

Further information

Adam Rabiner
Director of IR
Jericho Energy Ventures
604.343.4534
adam@jerichoenergyventures.com

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and 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. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and 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 information and statements which include, but are not limited to:the effects of and risks associated with the ongoing COVID-19 pandemic,the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available atwww.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.The forward-looking information and 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 information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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