Jericho and Ramp to bring hydrogen boiler technology to Korea
Published by Bella Weetch,
Editorial Assistant
Global Hydrogen Review,
Jericho Energy Ventures Inc. has announced that it has executed a Memorandum of Understanding (MoU), dated 10 May 2023, with Ramp Equity Capital Partners (Ramp), a private equity advisory fund focused on renewable energy globally, to bring the novel DCCTM zero-emission hydrogen boiler, developed by JEV's wholly-owned subsidiary, Hydrogen Technologies, to the South Korean market.
Ramp is affiliated with one of South Korea's largest renewables-producing companies (the Affiliate) that is aggressively exploring its entrance into the hydrogen market. The distribution, R&D and commercialisation MoU aims to deploy DCC boilers as part of the Affiliate's overall hydrogen growth strategy.
South Korea, a highly-industrialised nation with a large manufacturing sector, has established a target to be 100% carbon-neutral by 2050, and plans to source a third of its energy from hydrogen by that date, making the gas the largest single source of energy nationally. This aggressive policy push to decarbonise the country has the government and South Korean businesses actively looking for alternative clean energy sources, with hydrogen being a major focus.
By utilising the GHG-free DCC hydrogen-fuelled steam boiler, JEV and Ramp believe that South Korean industry could reduce emissions significantly and immediately, aligning their operations with the government's aggressive renewables and decarbonisation agenda.
Brian Williamson, CEO of JEV, stated: "We're thrilled to partner with Ramp Equity Capital Partners, a technology-focused group with deep connections and experience in South Korea, to bring our innovative hydrogen-based solution to that marketplace. Our zero-emission DCC boiler delivers immediate emission reductions that could be the catalyst for South Korea's laudable decarbonisation goals."
Cliff Monlux, Managing Partner of Ramp, commented: "Ramp shares Jericho's vision for hydrogen and its impacts toward the goal of decarbonisation. Ramp's interests are tightly aligned to Jericho, investing in best-of-breed hydrogen ecosystem solutions. We are very interested in Hydrogen Technologies' boilers and creating an immediate impact in industrial markets. South Korea understands the impact of hydrogen solutions and has a strong mandate from the South Korean government to find and deploy the world's best hydrogen technologies. We are excited to partner with Jericho to help scale globally tangible solutions that provide meaningful results today."
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/05062023/jericho-and-ramp-to-bring-hydrogen-boiler-technology-to-korea/
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