JEV portfolio company H2U and Tokyo Gas are jointly developing low-cost electrolysers
TULSA, OK and VANCOUVER, BC / ACCESSWIRE / March 10, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (“Jericho”, “JEV” or the “Company”) is pleased to announce that its portfolio company H2U TechnologiesAnd Tokyo Gas Co.,Ltd. have joined forces under a multi-year Joint Development Agreement (JDA) to discover novel catalysts and develop techniques to apply these catalysts to membranes. The companies will leverage H2U’s proprietary Catalyst Discovery Engine™ (CDE™) to reduce the cost of proton exchange membrane (PEM) electrolyzers. The joint H2U and Tokyo Gas press release is available on H2U’s website.
JEV is a significant shareholder of H2U and has a seat on the board of directors.
Energy utilities and manufacturers around the world are taking the initiative to expand electrolyser manufacturing, particularly for proton exchange membrane (PEM) electrolysers, which are ideal for producing “green” hydrogen from renewable energy sources such as wind and solar. However, there is a major hurdle in the way. Modern PEM electrolyser designs are based on rare, expensive platinum group metals (PGMs) such as iridium, a very expensive element with severely limited supply. This is where H2U’s proprietary CDE comes in. The CDE enables scientists to rapidly discover and develop novel catalysts made from abundant materials that cost a fraction of the price of the precious metals used today. H2U scientists then use artificial intelligence and machine learning (AI/ML) to further refine the search for the optimal catalyst materials.
By collaborating with H2U and leveraging the CDE, Tokyo Gas aims to develop low-cost, high-performance non-iridium catalysts and catalyst-coated membranes, thereby developing an insurance policy against future supply chain issues. Tokyo Gas plans to either use hydrogen produced by electrolysis directly or produce e-methane.
About Tokyo Gas Co., Ltd.
Tokyo Gas Co.,Ltd. was founded in 1885 and is Japan’s largest supplier of town gas, mainly in the Tokyo metropolitan area and the surrounding Kanto region. Since the liberalization of the Japanese electricity market, Japan also supplies electricity in this area. In line with his group’s Compass2030 management vision, Tokyo Gas is advancing the challenge of achieving “net-zero carbon” and will lead the transition to a decarbonized society.
About H2U Technologies, Inc.
H2U Technologies is a California-based developer of low-cost, iridium-free proton exchange membrane (PEM) electrolyzers that are particularly suited to combining with renewable energy sources. The company leverages its Catalyst Discovery Engine™ (CDE™) capabilities to develop novel catalysts for use in its electrolyzer systems. The world-class technology contained in H2U Technologies products stems from ten years of research and development at Caltech funded by the US Department of Energy. Visit h2utechnologies.com for more information.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) is an energy company positioned for the current energy transition; Owning, operating and developing both traditional hydrocarbon joint venture assets and driving the low-carbon energy transition with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, provides breakthrough, patented, zero-emission boiler technology for the commercial and industrial heating and steam industries. We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyser platform) and Supercritical Solutions (development of the world’s first high-efficiency, high-pressure electrolyser). Jericho also owns and operates joint venture assets in Oklahoma that have a long history of producing oil and gas and which it is currently developing from cash flows to further increase production in the current elevated commodity price environment.
Allen Wilson, director, or
Adam Rabiner, Head of Investor Relations
Jericho Energy Ventures Inc.
This press release contains certain “forward-looking information” And “forward-looking statements” (together “forward-looking statements“) within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or the current state of affairs, but instead merely represent Jericho’s beliefs regarding future events, plans or objectives, many of which are inherently uncertain and are beyond Jericho’s control. Forward-looking statements are often identified 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 “not” occur. Specifically, this press release contains forward-looking statements relating to, among other things, future demand for H2U’s Low Cost Electrolyser.
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, including, but not limited to: regulatory changes; changes in the definition or interpretation of the status of foreign private issuers; the impact of COVID-19 and other infectious diseases; economic conditions; industry conditions; current and future commodity prices and price volatility; significant and prolonged stock market volatility; currency and interest rate fluctuations; government regulation of the energy industry, including environmental regulation; geological, engineering and drilling problems; unforeseen operational events; the availability of capital on acceptable terms; the need to obtain necessary regulatory approvals; liabilities and risks associated with exploration, development and production of oil and gas; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental goals or plans; and the other factors described in Jericho’s public filings available at www.sedar.com.
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SOURCE: Jericho Energy Ventures Inc.
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