TULSA, Okla. and VANCOUVER, British Columbia — Further to its news release dated Jan. 22, 2021, Jericho Oil Corporation (“Jericho” or the “Company”) (TSX-V: JCO; Frankfurt: JLM; OTC: JROOF) is pleased to announce that it has received final TSX Venture Exchange approval to complete its acquisition of all the assets of California based Hydrogen Technologies Inc. (www.hydrogentechnologiesinc.com) (“HTI”).
The shareholders of HTI also voted to approve the transaction.
HTI’s patented and novel high-temperature cleanH2steam Dynamic Combustion Chamber (“DCC”) boiler enables zero-emissions hydrogen to generate heat, hot-water, high-temperature steam, and Combined Heat & Power (“CHP”) through a closed-loop process and is aimed at decarbonizing the nearly $30 billion global commercial and industrial heating industry while providing best-in-class energy efficiencies.
As a part of the transaction, Jericho has retained the highly dedicated and robust technical team from HTI including its founder, Ed Stockton and President, Janet Reiser. Adding Ed’s technical capabilities and expertise related to the hydrogen market will allow for a seamless transition in building up the DCC boiler’s commercial success within our low-carbon energy portfolio. Prior to founding HTI in 2005, Ed spent most of his career with Florida Power & Light (now NextEra Energy) focused on low-carbon technologies with direct power plant experience, including equipment startup, maintenance, due diligence, government relations and regulation promulgation. Janet, with over 35 years of experience in energy management and engineering, most recently running the governmental Alaska Energy Authority, will continue to lead HTI’s day-to-day operations and sales efforts.
Brian Williamson, CEO of Jericho, said, “We are pleased to have received final approvals from the TSX-V and HTI shareholders. Moving forward, we are excited about the growing market for hydrogen and its ability to decarbonize many hard-to-abate industries. Hydrocarbon boilers are used throughout many Commercial and Industrial processes, providing Jericho with a large, underserved market for our zero-emission hydrogen-based solution.”