December 23, 2022 (Investorideas.com Newswire) Jericho Energy Ventures Inc. reports gains with strong financial performance in gas, oil, and fuel of the future, hydrogen. Read more to learn the details of this report as well as see what experts are saying about the company.
Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC PINK: JLM:FRA) has been awarded the Solar Impulse Foundations’ ‘Solar Impulse Efficient Solution’ Label, for its zero-emission Dynamic Combustion Chamber(TM) (DCC(TM)) hydrogen fueled boiler. The Label seeks to identify solutions that hit high standards in profitability and sustainability and displays them to leading decision-makers hoping to expedite their development.
JEV is an energy company focused on the transition to low-carbon energy solutions, with investments in zero-emission hydrogen technologies. Founded in 2010, the company initially focused its efforts on oil and gas before beginning the transition to green energy in 2020 and continues to use profits from those sectors to fund its research into hydrogen.
Hydrogen continues to claim its spot on the list of sustainable fuels of the future. As reported by the National Inflation Association, on Dec. 9, the leaders of France, Portugal, and Spain, as well as European Commission President Ursula von der Leyen, met in the Spanish city of Alicante for a discussion on the construction and financing of a new pipeline to carry green hydrogen between Barcelona and Marseille.
The NIA also reported on an announcement from Airbus detailing the development of a hydrogen-powered jet engine for the A380 superjumbo, with test flights due to begin in 2026.
The Biden-Harris Administration, through the U.S. Department of Energy (DOE), has also announced US$750 million in funding in a bid to reduce the cost of clean hydrogen technology.
It is hoped the injection of funds will accelerate the expansion of hydrogen use and is an essential part of President Biden’s plan to have a 100% clean electrical grid by 2035 and net-zero carbon emissions by 2050.
Texas Governor Greg Abbott also announced on Dec. 8 that a US$4 billion hydrogen factory will be built in North Texas and will produce more than 73,000 metric tons of green hydrogen per year. This will make it the largest green hydrogen facility in the U.S.
The Chairman of the Solar Impulse Foundation, Bertrand Piccard, highlighted that, while heads of state and government officials may say that protecting the environment is too expensive, “solutions exist and represent the biggest market opportunity of our century,” calling it an “opportunity which cannot be missed.”
And Jericho Energy Ventures is not a company that likes to miss opportunities. Back in November, technical analyst Clive Maund described JEV as an “energy company that is moving with the times,” and it continues to prove it with the development of its hydrogen-fueled product.
Catalyst: Expert Says Jericho To Be 2023’s Largest Gainer
While the award was great for Jericho Energy Ventures, it is not the only good news to come from the company. It follows the news that JEV, whose registered office is in Vancouver, BC, reported record oil and gas joint venture results in Q3, a direct result of growing crude oil and natural gas prices in the first three quarters of 2022.
Having begun as an energy company focused on oil and gas, it acquired Hydrogen Technologies in January 2021 as part of its transition to researching and developing green energy solutions. It continues to invest in companies aligned with a low-carbon future, including H2U Technologies Inc., which is developing a new electrolyzer that will facilitate low-cost hydrogen production.
Jericho Energy Ventures CEO Brian Williamson said that the company continues to “demonstrate that our strategy of providing molecules required for today and tomorrow can yield results for our shareholders. Our steady oil and gas production base provides strong cash flows that feed both strategic initiatives of hydrocarbons today and lower carbon forms of energy tomorrow.”
The National Inflation Association predicts that JEV will be one of the market’s largest percentage gainers in 2023. Investment from billionaire Chris Sacca’s Lowercarbon Capital in January 2022, along with investment from JEV into Supercritical Solutions, will go toward the development of the world’s first green hydrogen electrolyzer. The fact that Chris Sacca is one of the top three most successful technology investors of all time is sure to bring a level of prestige to the work going into development.
The NIA expects JEV’s market cap to “reach levels that are many times higher than today.”
The boiler was developed by JEV’s wholly-owned subsidiary, Hydrogen Technologies, which provides its award-winning clean energy solution for the Commercial and Industrial Boiler Market. The DCC(TM) produces zero CO2 or Greenhouse Gas emissions and seeks to replace boilers that burn coal, natural gas, fuel oil, or diesel, which will hopefully lead to a significant reduction in global greenhouse gasses emitted each year. It aims to decarbonize the global commercial and industrial heating industry, valued at almost US$30 billion.
Williamson stated, “we are, of course, honored to receive this prestigious recognition from the Solar Impulse Foundation. I applaud the fortitude and determination shown by the Hydrogen Technologies Team, which made this achievement possible, and we look forward to our DCC(TM) playing a major role in the reduction of greenhouse gas emissions from the commercial and industrial heat and steam market globally.”
Ownership and Share Structure
According to Reuters, around 30% of Jericho’s shares are held by management and insiders. CEO Brian Williamson owns 1.26% of the shares, around 2.85 million. Founder Allen William Wilson is at 0.87%, with 1.97 million shares. and board member Nicholas Baxter owns 0.5%, with just over 1.1 million. Founder Allen William Wilson is at 0.87%, with 1.97 million shares.
Around 0.1% of shares are held by institutions. The largest of these is Michael L. Graves Inter Vivos Trust which is at 16.43%, with 37.13 million shares. McKenna & Associates LLC is next at 10.78%, with 24.36 million shares, and Andrew James Mckenna himself is at 0.15%, with 0.35 million shares.
70% of Jericho’s shares are in retail.
JEV’s market cap is CA$81.71 million, and it trades in a 52-week range of CA$0.31 and CA$0.84. It has 226.05 million shares outstanding.
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