Canadian oil firm Jericho Oil Corporation has bought US hydrogen boiler manufacturer Hydrogen Technologies Inc. (HTI) as it expands its energy portfolio.
HTI’s patented zero emission dynamic combustion chamber (DCC) boiler enables hydrogen to generate heat, hot water, high-temperature steam and combined heat & power (CHP) through a closed-loop process.
It aims to decarbonise the nearly $30bn global commercial and industrial heating industry while providing best-in-class energy efficiencies.
The patented DCC technology was awarded the Solar Impulse Efficient Solutions Label in 2019, requires no air permit and its only by-product is water.
Critically, the total cost of production ($/lb steam) is cost competitive to traditional hydrocarbon boiler systems, HTI said.
As a part of the deal, Jericho said it will also be acquiring the highly dedicated and robust technical team from HTI including its founder, Ed Stockton, and President, Janet Reiser.
Adding Stockton’s technical capabilities and expertise related to the hydrogen market will allow for a seamless transition in building up the DCC boiler’s commercial success within Jericho’s low-carbon energy portfolio, Jericho said in a statement.
Brian Williamson, CEO of Jericho Oil Corporation, said, “We are excited to announce the acquisition of HTI’s patented and novel zero emission hydrogen technology and welcome their world class team.”
“The world is increasingly demanding a transition away from traditional energy sources to low carbon solutions – HTI’s hydrogen solution expands our portfolio to include a technology that will transition one of the largest carbon emitters to a zero-emission energy source.”
Jericho said it will deliver 6.7 million shares of Jericho Common Stock to HTI, which will be restricted pursuant to agreed upon milestones related to commercial deployment and technological successes.
The closing of the acquisition remains subject to approvals.