Jericho Energy Ventures: Historic Clean Hydrogen Production Tax Credit Expected to Bolster Utilization of Hydrogen Across the U.S. Economy

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[{"type":"text","content":"Jericho Energy Ventures: Historic Clean Hydrogen Production Tax Credit Expected to Bolster Utilization of Hydrogen Across the U.S. EconomyNEWTOWN, PA / ACCESSWIRE / August 11, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV) (OTC:JROOF) (Frankfurt:JLM) (\"Jericho\" or \"JEV\" or the \"Company\") applauds the U.S. Government's landmark US$369 billion climate and clean energy bill.A centerpiece of the bill is the Clean Hydrogen Production Tax Credit (PTC), which provides up to $3 per kg in tax credits for clean produced hydrogen, known as green hydrogen. The tax credits are estimated to reduce the current cost to produce clean hydrogen by more than 50% and should make clean hydrogen produced in the U.S. the cheapest form of hydrogen in the world.¹Ryan Breen, Head of Corporate Strategy at JEV, said, \"The PTC is the most consequential piece of legislation for the adoption of clean hydrogen and represents a historic investment in the U.S. clean energy industry. The maximum $3/kg PTC will immediately put clean hydrogen into cost parity with carbon-emitting fuels like coal and natural gas and will remove a critical barrier to its adoption by industry. Much like the solar tax credits of the mid-2000's, we expect to see tremendous growth for the utilization of clean hydrogen across the U.S. economy and Jericho is excited to be a part of the journey at the ground level.\"Brian Williamson, CEO at JEV, said, \"Eliminating the green premium associated with clean hydrogen through the PTC is an enormous win for our DCC™ hydrogen boiler customers as well as our critical investments in clean hydrogen production technologies like those in H2U and Supercritical Solutions. Reducing the cost of clean hydrogen is the elephant in the room with respect to commercial and industrial adoption and we excited to see that barrier largely eliminated.\"A new study by research firm Transparency Market Research projects that the global green hydrogen market will expand from US$2.14 billion in 2021 to $135.73 billion by 2031, a compound annual growth rate (CAGR) of 51.6%. This represents a ten-year industry growth of over 6000%.About Jericho Energy VenturesJericho Energy Ventures (JEV) is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon ...

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