Source: Streetwise Reports
April 6, 2023 (Investorideas.com Newswire) The Department of Energy is offering US$156 million to drive industrial decarbonization, including in industrial heat applications, and US$6 billion in funding to accelerate projects decarbonizing energy-intensive industries.
The U.S. Department of Energy has announced grant funding of up to 80% for businesses interested in deploying hydrogen boilers like those developed by Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC PINK: JLM:FRA) subsidiary Hydrogen Technologies to decarbonize their operations.
The DOE is offering US$156 million to drive industrial decarbonization, including in industrial heat applications, and US$6 billion in funding to accelerate projects decarbonizing energy-intensive industries.
Hydrogen Technologies' Dynamic Combustion Chamber™, or DCC, boiler burns hydrogen and oxygen in a vacuum chamber to create high-temperature water and steam with no greenhouse gases or other pollutants.
The only by-product is water, which is recycled. It's meant to replace existing boilers that burn coal, natural gas, diesel, or fuel oil.
Source: Jericho Energy
The world needs more hydrogen technology and projects if it wants to meet a net-zero emissions scenario by 2050, the International Energy Agency wrote.
"Faster action is required on creating demand for low-emission hydrogen and unlocking investment that can accelerate production scale-up and deployment of infrastructure," the agency wrote.
The US$156 million from the DOE's Office of Energy Efficiency and Renewable Energy is meant to spread across 37 to 62 projects with projected sizes of US$750,000 to US$10 million, Hydrogen Technologies said. Concept papers are due soon - April 17. Full applications are due June 23.
The grants will cover several other topics besides decarbonizing industrial heat, including decarbonizing chemicals, iron and steel, and food and beverage products, the DOE said.
The US$6 billion is funded by U.S. President Joe Biden's Bipartisan Infrastructure Law and Inflation Reduction Act and focuses on accelerating decarbonization projects in energy-intensive industries.
That money will be spread across 22 to 65 projects with projected sizes of US$35 million to US$500 million. Concept papers are due April 21, and full applications are August 4.
Companies interested in more information on applying for the grants can click the "Funding Opportunities" tab on Hydrogen Technologies' website.
The Catalyst: Potential for 'Near-Zero' Emissions
While in its infancy, the DOE said the hydrogen market has the "potential for near-zero greenhouse gas emissions."
"Hydrogen generates electrical power in a fuel cell, emitting only water vapor and warm air," the agency wrote. "It holds promise for growth in both the stationary and transportation energy sectors."
Hydrogen is the most abundant molecule in the universe, but it doesn't occur by itself naturally on Earth and must be separated from water or hydrocarbon carbons using electrolyzers.
It's also a "uniquely versatile energy carrier," according to a report by the Hydrogen Council. "It can be produced using different energy inputs and different production technologies. It can also be converted to different forms and distributed through different routes - from compressed gas hydrogen in pipelines through liquid hydrogen on ships, trains or trucks, to synthesized fuel routes."
Policies like the recently announced grants have made the U.S. a hub for this green-fuel revolution, according to a report by S&P Global on clean tech trends in 2023.
"Accommodating federal policy has shifted the United States from laggard to leader in the development of low-carbon hydrogen production," the report said. "The combination of the IRA's multiple tax credits and the Bipartisan Infrastructure Law's Hydrogen Hubs has set off a race for project development across North America."
Analyst: Co. Is 'Moving With the Times'
Hydrogen Technologies' DCC boilers are being considered for deployment at major facilities around the world, the company has said. Feasibility studies are being conducted or considered at 34 locations across seven industries and five continents.
Another portfolio company of Jericho, H2U Technologies, recently announced it is partnering with a Japanese gas company to develop low-cost electrolyzers for making "green" hydrogen from renewable energy sources like wind and solar.
H2U and Tokyo Gas Co. Ltd. (TKGSY:OTCMKTS) have signed a multiyear joint development agreement to discover new materials that can be used to help extract the element.
Jericho started in 2014 as an oil company, but in 2020 began to pivot toward green energy. The company continues to use profits from remaining oil and gas assets to fund its investments in zero-admission hydrogen technologies.
Newsletter writer Clive Maund of CliveMaund.com wrote for Streetwise Reports that hydrogen "is a fuel of the future" and that Jericho is "moving with the times."
The National Inflation Association predicted Jericho would be one of the market's largest percentage gainers of 2023, reaching "levels that are many times higher than today."
Jericho was also awarded the Solar Impulse Foundation's "Solar Impulse Efficient Solution" label for the DCC boiler. The label seeks to identify solutions that hit high standards in profitability and sustainability.
Ownership and Share Structure
Around 35% of Jericho's shares are held by management, insiders, and insider institutional investors, the company said. They include CEO Brian Williamson, who owns 1.26% or about 2.85 million shares; founder Allen William Wilson, who owns 0.87% or about 1.97 million shares; and board member Nicholas Baxter, who owns 0.5%, or about 1.1 million shares, according to Reuters.
Around 10% of shares are held by non-insider institutions, and 65% are in retail, the company said.
JEV's market cap is CA$65.72 million, and it trades in a 52-week range of CA$0.63 and CA$0.26. It has 226.3 million shares outstanding, 158.8 million of them floating.
1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Jericho Energy Ventures. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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