Mr. Brian Williamson reports

JEV-AFFILIATED HYDROGEN HUBS TO RECEIVE FUNDING FROM THE DOE'S REGIONAL HYDROGEN HUBS PROGRAM

Jericho Energy Ventures Inc.'s two associated hydrogen hubs, the Midwest Alliance for Clean Hydrogen (MachH2) and the Pacific Northwest Regional Hydrogen Hub (PNWH2), have been selected for up to $1-billion in federal funding each, as part of the United States Department of Energy's (DOE) Regional Clean Hydrogen Hubs (H2Hubs) program.

As part of the DOE's program, the PNWH2 in the Pacific Northwest and MachH2 in the Midwest were among 33 out of 79 proposals nationwide that were invited to proceed with final application for funding, from which seven would advance.

On Oct. 13, 2023, the DOE announced the seven Regional Clean Hydrogen Hubs (H2Hubs) across the nation which will receive $7-billion in funding to launch and accelerate the commercial-scale deployment of low-cost, clean hydrogen -- a valuable energy product that can be produced with zero or near-zero carbon emissions. Funded by President Biden's Bipartisan Infrastructure law, the seven H2Hubs will kickstart a national network of clean hydrogen producers, consumers and connective infrastructure, while supporting the production, storage, delivery and end-use of clean hydrogen. The H2Hubs are expected to collectively produce three million metric tonnes of hydrogen annually, reaching nearly a third of the 2030 U.S. production target and lowering emissions from hard-to-decarbonize industrial sectors that represent 30 per cent of total U.S. carbon emissions.

Brian Williamson, chief executive officer of Jericho Energy Ventures, commented: "We are thrilled that the DOE has selected the MachH2 and PNWH2 coalitions, of which we are proud members, for the development of regional clean hydrogen hubs in the Midwest and the Pacific Northwest. We are poised to contribute to this initiative with our patented, zero-emission hydrogen-fuelled boilers, enhancing clean industrial and commercial steam production."

He further added, "Our aspiration aligns with DOE's vision of a nationwide clean hydrogen infrastructure and we are hopeful that JEV's green-hydrogen-focused industrial decarbonization projects will be a contender for inclusion across all H2Hubs."

Jericho's DCC GHG (greenhouse gas)-free hydrogen-fuelled boilers, developed by its wholly owned subsidiary, Hydrogen Technologies (HT), offer a highly efficient and sustainable alternative to conventional fossil-fuel-based boilers. These boilers eliminate greenhouse gas emissions, providing a clean and eco-friendly source of steam for various industries and applications. Leveraging an exothermic reaction that combines pure hydrogen (H2) and pure oxygen (O2) gases, the DCC achieves an independently verified fuel efficiency of over 97 per cent, with zero greenhouse gas emissions. In December, 2022, the DCC was awarded the Solar Impulse Foundation's prestigious Solar Impulse Efficient Solution label, recognizing profitable solutions to protect the environment.

About Jericho Energy Ventures Inc.

Jericho Energy Ventures is an energy company positioned for the current energy transitions -- owning, operating and developing both traditional hydrocarbon joint venture assets and advancing the low-carbon energy transition, with active investments in hydrogen. Jericho Energy Ventures' wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the commercial and industrial heat and steam industry. Jericho Energy Ventures also holds strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first high-pressure, ultraefficient electrolyzer). Jericho Energy Ventures also owns and operates long-held producing oil and gas joint venture assets in Oklahoma, which it is currently developing from cash flows in an effort to further increase production into the current elevated commodity price environment.

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