JEV: Reiterating Target Price on Recent Developments
What you need to know:• Portfolio company, H2U announced strong results from durability tests on a new iridium-free catalyst which demonstrated a lifetime of over 25,000 hours (vs. 1,000-1,500 for current iridium-free catalysts).
• JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant (which includes the DCC boiler).
• HT obtained a new patent for the DCC boiler in the U.S.
Over the past month, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) has reported several promising updates which reaffirm our investment thesis and target price. This includes testing updates from H2U (portfolio company), an MOU between JEV’s EU partner, Exogen and hydrogen supplier, Lhyfe SA, as well as, receiving a new patent for the DCC boiler. We are maintaining our BUY rating and C$0.50/share target price on JEV.
H2U Testing Results
This morning, JEV announced that its portfolio company, H2U Technologies reported strong results from durability tests on new, lower-cost, iridium-free catalyst materials. The catalysts were tested with a baseline of over 4,000 hours of continuous operations and 10x higher density, leading to a projected lifetime of over 25,000 hours. This compares to the current best iridium-free catalyst offering a lifetime of 1,000-1,400 hours. H2U catalysts are projected to last at least six years for targeted applications.
This represented a significant milestone on H2U’s path to addressing bottlenecks in the sustainable hydrogen supply chain that uses PEM electrolyzers. As a reminder, JEV has invested $1.5M into H2U preferred shares, equating to 6.5% pro-forma ownership. JEV also holds a board seat in the portfolio company. For a full breakdown on H2U, please refer to our initiation report here.
Jericho Oil is an oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the mid-continent region of the United States.
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