TULSA, Okla. and VANCOUVER, British Columbia, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Jericho Oil Corporation (“Jericho” or the “Company”) (TSX-V: JCO; Frankfurt: JLM; OTC: JROOF) is pleased to support the Hydrogen Council’s new report released Wednesday highlighting hydrogen’s role in a rapid and deep decarbonizing world, including its cost competitiveness and various end applications. The report offers a comprehensive perspective on market deployment around the world, investment momentum as well as implications on cost competitiveness of hydrogen solutions.
Key Findings Outlined in the Report:
- Hydrogen is gathering strong momentum as a key energy transition pillar
- Deployment and investments: Announced hydrogen investments have accelerated rapidly in response to government commitments to deep decarbonization with over 200 announced projects totaling $300 billion in spending
- Supply: If scaled up with the right regulatory framework, clean hydrogen costs can fall faster than expected
- Distribution: Cost-efficient transmission and distribution required to unlock hydrogen applications
- End applications: Falling clean hydrogen costs and application specific cost drivers improve the cost competitiveness of hydrogen applications
Critically, the report recognizes multiple hydrogen applications that can be the most cost competitive low-carbon solutions from a total cost of ownership perspective, highlighting hydrogen-based boilers for various low-grade, mid-grade and high-grade heating applications.
Link to Press Release: Hydrogen Insights 2021 - Hydrogen Council
Link to Report: Hydrogen-Insights-2021-Report.pdf (hydrogencouncil.com)
Brian Williamson, CEO of Jericho, states, “Supported by the global shift of regulators, investors and consumers toward decarbonization, hydrogen is receiving unprecedented interest and investments. Given Jericho’s recent acquisition of Hydrogen Technologies Inc.’s novel and patented hydrogen-based cleanH2steam DCC boiler, we are pleased to see industry reports outlining the incredible progress and macro tailwinds pushing hydrogen as a zero-carbon fuel and feedstock required to meet our global sustainability goals. Our HTI cleanH2steam DCC boiler solution provides zero emissions, higher overall efficiencies while remaining cost competitive with traditional hydrocarbon boiler systems.”
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.
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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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CONTACT:
Adam Rabiner
Director, Investor Relations
604.343.4534
a.rabiner@jerichooil.com