Jericho Energy Ventures Inc. ("Jericho", "JEV" or the "Company") is pleased to announce that it has executed a Memorandum of Understanding (the "MOU"), dated May 10, 2023, with Ramp Equity Capital Partners ("Ramp"), a private equity advisory fund focused on renewable energy globally, to bring the novel DCC™ zero-emission hydrogen boiler, developed by JEV's wholly owned subsidiary, Hydrogen Technologies ("HT"), to the South Korean market.
Ramp is affiliated with one of South Korea's largest renewables producing companies (the "Affiliate") that is aggressively exploring its entrance into the hydrogen market. The distribution, R&D and commercialization MOU aims for the deployment of DCC™ boilers as part of the Affiliate's overall hydrogen growth strategy.
South Korea, a highly industrialized nation with a large manufacturing sector, has established a target to be 100% carbon neutral by 2050 and plans to source a third of its energy from hydrogen by that date, making the gas the largest single source of energy nationally.¹ This aggressive policy push to decarbonize the country has the government and South Korean businesses actively looking for alternative clean energy sources, with hydrogen being a major focus.²
By utilizing the GHG-free DCC™ hydrogen-fueled steam boiler, JEV and Ramp believe that South Korean industry could reduce emissions significantly and immediately, aligning their operations with the government's aggressive renewables and decarbonization agenda.
Brian Williamson, CEO of JEV, stated: "We're thrilled to partner with Ramp Equity Capital Partners, a technology focused group with deep connections and experience in South Korea, to bring our innovative hydrogen-based solution to that marketplace. Our zero-emission DCC™ boiler delivers immediate emission reductions that could be the catalyst for South Korea's laudable decarbonization goals."
Cliff Monlux, Managing Partner of Ramp, commented: "Ramp shares Jericho's vision for hydrogen and its impacts toward the goal of decarbonization. Ramp's interests are tightly aligned to Jericho, investing in best of breed hydrogen ecosystem solutions. We are very interested in Hydrogen Technologies' boilers and creating an immediate impact in industrial markets. South Korea understands the impact of hydrogen solutions and has a strong mandate from the South Korean government to find and deploy the world's best hydrogen technologies. We are excited to partner with Jericho to help scale globally tangible solutions that provide meaningful results today."
HT's patented, breakthrough cleanH2steam DCC™ is the world's only hydrogen-fueled boiler with zero CO2 and zero Greenhouse Gas emissions which has been validated as operating with an overall thermal efficiency of more than 95%.³ The DCC™ was designed to replace existing polluting boilers that burn coal, natural gas, diesel, or fuel oil, which are a major source of global GHG emissions. In December 2022, the DCC™ was awarded the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" label which recognizes profitable solutions to protect the environment.
