Jericho Oil (JCO) has received final approval from the TSX Venture Exchange to acquire all assets of a California-based hydrogen tech company.
Jericho will acquire 100 per cent of the assets of Hydrogen Technologies Inc.
The shareholders of Hydrogen Tech also voted to approve the transaction.
Jericho has retained the technical team from Hydrogen Technologies, including the company's founder, Ed Stockton and President, Janet Reiser.
Hydrogen Technologies' steam Dynamic Combustion Chamber (DCC) boiler "enables zero-emissions hydrogen to generate heat, hot-water, high-temperature steam, and Combined Heat and Power (CHP) through a closed-loop process and is aimed at decarbonizing the nearly $30-billion global commercial and industrial heating industry while providing best-in-class energy efficiencies," according to the company.
"We are pleased to have received final approvals from the TSX-V and HTI shareholders. Moving forward, we are excited about the growing market for hydrogen and its ability to decarbonize many hard-to-abate industries. Hydrocarbon boilers are used throughout many Commercial and Industrial processes, providing Jericho with a large, underserved market for our zero-emission hydrogen-based solution," said Jericho CEO Brian Williamson.
Jericho Oil is a mineral exploration company based in Vancouver.
The company develops, and produces oil and natural gas properties in the United States.
Jericho Oil is up 1.12 per cent on the day, with shares trading at C$0.90 at 3:54 p.m. EST.