Jericho Energy Ventures Inc and Exogen Hydrogen Solutions (a fully owned subsidiary of ESG specialist Park Lane Capital) have executed an MoU to bring to the EU a leading hydrogen boiler technology known as DCC™ Boiler.
In a first for the European Union, Exogen and JEV will collaborate to bring DCC™ Boilers to the EU markets. Through its parent Park Lane Capital, Exogen will also make available its leading expertise in ESG solutions built over a decade.
JEV and Exogen expect that additional industry partners will be announced in the coming months. The first DCC™ Boiler is expected to be installed and commissioned in Europe in 2023 to match Exogen’s green hydrogen implementation timeline, including green hydrogen production from its innovative photovoltaic installations.
The Agreement comes on the back of the “European Green Deal”, the EU Commission’s flagship program for reaching net-zero greenhouse gas (GHG) emission targets by 2050. As a first milestone, the current GHG emissions program, “Fit for 55”, seeks to reduce emissions by 55% by 2030.
The parties expect breakthrough technologies, such as JEV’s DCC Boiler will be a key enabler for reaching the net-zero emissions target set by the EU Commission for 2050.
The MOU represents an impactful and practical collaboration between international industry participants and demonstrates the business’s ability to deliver on government policy and ambitious roadmaps for decarbonisation.
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.
Brian Williamson, CEO of JEV, said, “By partnering up with Exogen, we can provide industry and commerce with cutting-edge technology and end-to-end services.”
Mario Reinisch, Exogen’s co-founder and CEO, said, “JEV’s DCC™ Boiler will be a key enabler to meeting net-zero targets for hard-to-abate industry, commerce, and the built environment – such as district and campus heating.”