- Consortium embarks on AUD 1.5million (GBP 800,000) project that will demonstrate that renewable methanol costs can be reduced by up to 20% with ultra-high efficiency, high pressure green hydrogen production
- The partnership aims to commercialize the concept and drive commercial world scale systems to market by 2030, enabling a potential multibillion dollar global methanol opportunity
TULSA, OK and VANCOUVER, BC / ACCESSWIRE / May 29, 2024 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company"), a diversified energy company, is pleased to announce that its portfolio company, Supercritical Solutions ("Supercritical") and HAMR Energy ("HAMR") have been awarded close to AUD 1 million (GBP 480,000) in funding from the Australia-UK Renewable Hydrogen Innovation Partnership.
The project brings together game-changing innovation in electrolysis from the UK and a burgeoning market opportunity for renewable methanol in Australia.
The first phase will deliver a comprehensive techno-economic feasibility study evaluating the integration of high-pressure hydrogen from Supercritical's electrolyzers into HAMR's hybrid methanol plant design. The project will include empirical testing of Supercritical's advanced catalysts and a full lifecycle analysis evaluating the environmental impact of the electrolyzers' novel membraneless design. The pioneering consortium will de-risk the concept for progression to pilot stage, with deployment of Supercritical's technology in Australia as part of a renewable methanol production facility from 2026.
With potential to reduce the cost of renewable methanol by up to 20% relative to incumbent electrolysis technologies, Supercritical's technology offers a world-class system efficiency of 42 kWh/kgH2 (95% HHV) whilst delivering hydrogen over 200 bar. The delivery significantly simplifies compression and storage infrastructure for methanol facilities offering a transformative advantage in capital and operational expenditures.
Matt Bird, CEO & Co-founder of Supercritical, commented: "At Supercritical, we are not just engineering electrolyzers; we are crafting the keystones for the next generation of clean energy infrastructure. Our collaboration with HAMR Energy signifies a leap towards making zero-emission renewable fuels a mainstream reality. This venture underpins our commitment to innovation and our belief that the right technology can indeed turn the tide on global energy challenges."
Methanol is used as a feedstock for products from plastics to fuels and to achieve net zero, these markets must trend to renewable methanol. According to the International Energy Agency, the methanol industry is the third largest user of hydrogen today.
The vast potential of renewable methanol as a substitute for heavy fuel oil is recognized through the growing commitment within the shipping industry, led by stakeholders like Maersk and supported by the International Maritime Organization's net-zero ambitions to reduce global GHG emissions.
The complete Supercritical-HAMR green partnership news release can be viewed at: https://www.supercritical.solutions/post/hamr-energy-and-supercritical-to-shake-up-the-world-of-methanol-with-groundbreaking-government-backed-green-partnership
Jericho Energy Ventures holds a seat on Supercritical's Board of Directors and is a significant shareholder, having led Supercritical's 2022 USD$3.6 million Seed Series funding round alongside Chris Sacca's Lowercarbon Capital and New Energy Technology.
About Supercritical
Supercritical is at the forefront of the clean energy revolution, with a mission to dramatically reduce the cost of green hydrogen and address the most challenging 20% of global emissions. Established in 2020 in London, our vision is to catalyze a sustainable future where renewable energy solutions, like our pioneering electrolyzer technology, are mainstream and financially viable without subsidies. As the creators of the world's first high-pressure, ultra-efficient electrolyzer, we deliver hydrogen and oxygen at pressures exceeding 220 bar, achieving full system efficiencies up to 42kWh/kgH2 with 99% purity. Our innovative approach not only curtails operational costs but also surmounts formidable industry challenges, forging a path towards a zero-emission future. By offering scalable, PFAS-free, membrane-free, and iridium-free solutions, Supercritical aims to lower hydrogen production costs to under £1/kgH2 within this decade, driving the shift from grey to green energy across industries.
Website: www.supercritical.solutions
LinkedIn: https://www.linkedin.com/company/supercritical-solutions/
About Jericho Energy Ventures
Jericho 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.
Website: www.jerichoenergyventures.com
X: https://twitter.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
CONTACT:
Allen Wilson, Director, or
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
Tel: +1.604.343.4534
Email: investorrelations@jerichoenergyventures.com
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, the successful techno-economic feasibility study evaluating the integration of high-pressure hydrogen from Supercritical's electrolyzers into HAMR's hybrid methanol plant design.
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.
View the original press release on accesswire.com
