Jericho Oil Corporation, a Canadian oil company, has agreed to acquire Hydrogen Technologies Inc. (HTI), a US-based hydrogen boiler technology company. As a part of the transaction, HTI will receive 6.7 millions of Jericho common stock restricted to their mutual agreement on various terms of the commercial deployment and technological successes.
HTI has patented a technology which produces high-temperature heat and steam with zero-emission by combusting hydrogen and oxygen in a vacuum chamber. The acquisition is subject to the approval from the relevant bodies and HTI’s shareholders.
HTI applied the technology in its cleanh2steam Dynamic Combustion Chamber (DCC) boiler. The boiler produces heat, hot-water, high-temperature steam, and Combined Heat & Power (CHP) through a closed-loop process. HTI hydrogen boiler technology targets the $30 billion global commercial and industrial heating market, which is expected to grow by 5%-7% annually over the next seven years.
Jericho Oil highlighted that 35% of global industrial boilers are still run on coal. Around 85% of industrial boilers in the world are not environmentally friendly and emit harmful greenhouse gases. HTI boilers technology requires no air permit as it only produces water as a by-product. It eliminates all the harmful gases by employing a closed-loop combustion process. HTI claims that besides environmental friendly, its boilers are more efficient and cost-effective than traditional fossil fuel boilers.
HTI is basically a steam-condensing boiler. It combines pure hydrogen and oxygen to react exothermically, resulting in 61k BTU/pound of hydrogen. This extremely hot steam is collected and used for various applications. Given that the boiler works in a close loop so the water will return to the electrolyser to make more fuel.
Hydrogen boiler market is currently at its embryonic stage and is expected to get traction over the next few years. Several companies have already installed domestic hydrogen ready boilers for selected customers in the UK, and trials are conducted in various countries.