Jericho Energy Ventures Inc. and EXOGEN Hydrogen Solutions have executed a Memorandum of Understanding (Agreement) to bring to the EU a leading hydrogen boiler technology, known as DCC Boiler. Hydrogen Technologies, a fully owned subsidiary of JEV, has patented a breakthrough method for burning pure hydrogen and oxygen in a vacuum chamber to create high-temperature water and/or steam with zero greenhouse gases. With the only by-product being water, the Dynamic Combustion Chamber Boiler (DCC Boiler) harnesses the power of hydrogen for commercial heating, hot water, and industrial steam boiler applications.

HT's design is in stark contrast to current ‘H2-Ready' boilers, which burn H2 in the presence of atmospheric air, generating emissions which must be vented via a smokestack, a relic of natural gas-fired boilers responsible for efficiency losses and GHG emissions. In a first for the European Union, EXOGEN and JEV will collaborate to bring DCC Boilers to the EU markets. EXOGEN, through its parent Park Lane Capital, will also make available its leading expertise in ESG solutions built over more than a decade.

JEV and EXOGEN expect that additional industry partners will be announced in the coming months with the first DCC Boiler expected to be installed and commissioned in Europe in 2023 to match EXOGEN's green hydrogen implementation timeline, which includes green hydrogen production from its own, innovative photovoltaic installations. Each DCC Boiler installed removes the CO2 equivalent of 2,500 cars per annum (or about 4,400 tons of CO2 per annum). JEV and EXOGEN anticipate a rapidly growing pipeline of new hydrogen projects across the 27 member countries of the EU.

The increasing interest in the DCC Boiler from some of the world's largest commercial and industrial users of steam highlights its unique potential for efforts to decarbonise hard-to-abate industries. For site-specific implementations the parties plan to build a consortium of end users capturing the full hydrogen value chain. EXOGEN intends to invest in additional partnerships for green hydrogen production as a strategic compliment to the deployment of the DCC Boilers.

The parties expect that EU based public programs for the roll-out of upstream hydrogen infrastructure and logistics will, where accessed, accelerate the parties' EU expansion plans.