- Gold H2 introduces hydrogen-producing microbial technology for depleted oil fields - Affordable production method converts residual crude oil into clean-burning hydrogen - Signed memorandum of understanding with major oil and gas operator for production - Technology aims to transform uneconomical oil wells into mass hydrogen-producing assets - Gold H2's innovation accelerates clean energy transition in the oil and gas industry

Gold H2 Announces Industry Introduction of Hydrogen-producing Microbial Technology:

• Gold H2’s technology will transform depleted oil fields into hydrogen-producing assets utilizing existing infrastructure
• Highly affordable ($0.80/kg) hydrogen production method uses microbes to convert residual crude oil into clean-burning hydrogen
• Gold H2 continues momentum with signing of a memorandum of understanding to begin production with a domestic major oil and gas operator

July 18, 2024 08:00 AM Eastern Daylight Time


HOUSTON--(BUSINESS WIRE)--Gold H2, a Houston-based clean-hydrogen-producing company, officially announces that its Black 2 Gold Technology (B2G), its proprietary industrial biotech process that upgrades crude oil into biologically produced Gold Hydrogen®, is available to select oil and gas owners and operators for pilot demonstrations. This is accompanied by the signing of a significant memorandum of understanding (MOU) in the USA with a major oil and gas company, marking the beginning of a series of pilots with large oil majors over the course of the next 12 months.

This pilot will commercially demonstrate Gold H2’s first-of-its-kind Gold Hydrogen® producing biotechnology and aims to produce cheaper, cleaner hydrogen than ever before ($0.80/kg). The technology will help produce new clean energy sources and allow oil and gas companies to transform uneconomical, non-productive oil wells into mass hydrogen-producing assets. This business model will reshape the traditional oil and gas industry landscape by further accelerating the clean energy transition and creating new economic opportunities in areas that were previously dismissed as unviable.

Converting depleted reservoirs back into energy producers with Gold H2’s B2G tech

Under the right conditions, depleted oil reservoirs can be transformed into subsurface hydrogen biorefineries. With current iterations of its solution, Gold H2 targets reservoirs that are currently, or have the capacity to be waterflooded with temperatures between 130°F and 180°F and total dissolved solids concentration of less than 100,000 ppm.

Supplementing a water flood injection system, Gold H2 deploys the Mobile Microbe Manufacturer (M3), an onsite fermentation unit, to inject its microbes along with additional nutrients to begin the production process. Each M3 can convert up to 120 oil wells, and each well is expected to produce up to 2.5 tons of hydrogen per day. Gold H2 also takes several steps for risk mitigation, including utilizing targeted biochemistry, installing a minimal equipment footprint, and using non-GMO microbes. The Gold H2 solution is optimized to mitigate concerns of corrosion or biofouling.

Momentum towards large scale commercialization

The aforementioned MOU aims to deploy the first waterflood pilot and has a clear pathway to becoming a major commercial project. This further pushes the momentum that Gold H2 is experiencing, following its recent CEO hire of Prabhdeep Sekhon and ongoing discussions that are progressing with notable industry players in Canada, India, Eastern Europe, Latin America, and the Middle East.

Accelerating the next phase of the multi-trillion dollar oil and gas industry

Gold H2’s microbial technology will expedite the U.S.’s transition from fossil fuels to disrupt the market and transform depleted oil assets into biologically produced clean-hydrogen fuel. Consolidation in the oil & gas industry has left concerns about what will happen with non-productive oil wells. Gold H2’s technology will create new economic uses for these near-end-of-life assets with a new revenue stream and the production of Gold Hydrogen®, an economical and renewable energy source.

By working directly with the asset-rich oil and gas industry, Gold H2 will assist a legacy industry with navigating the complex problem of generating new clean energy sources. Oil and gas companies have wrestled with what to do with exhausted oil fields for decades, as they are responsible for decommissioning idle wells. With Gold H2's innovative biotechnology, companies can find productive uses for oil wells—producing Gold Hydrogen® at a low cost.

“With the proliferation of AI, growth of data centers and a national boom in industrial manufacturing underway, affordable baseload carbon-free energy is more paramount than ever. We’re investing in Gold H2 as we know they’ll play a pivotal role in unleashing a new dawn for energy abundance in partnership with the oil industry,” said Rayyan Islam, Co-Founder and General Partner at 8090 Industries. “The company will empower the global oil & gas industry to embrace the energy transition in the most economic way possible by using the existing infrastructure to unleash energy output not seen since the shale revolution.”

“The availability of our Gold Hydrogen® technology today tremendously accelerates momentum in the hydrogen space," said Alicia Dinges, Head of Business Development of Gold H2. "Unlike other producers, Gold H2 uses Earth's natural resources to produce the lowest cost, cleanest hydrogen fuel. Over the last two years, our team has worked tirelessly towards this day, expanding our microbe portfolio, testing different environments, and preparing for worldwide deployment. We are excited and have numerous projects in the pipeline, including an MOU with a large US-based oil and gas company and other global pilots - we're ready to supply the world with Gold Hydrogen®.”

About Gold H2

Gold H2 is a Houston-based company dedicated to transforming depleted and uneconomical oil wells into commercial sources of clean hydrogen. Its proprietary process Black 2 Gold Technology upgrades crude oil into biologically produced Gold Hydrogen® at the economically viable rate of $0.80/kg. To learn how Gold H2 can create additional value in your field, email at information@goldhydrogen.com.

www.goldhydrogen.com.

Contacts

Treble
Will Kruisbrink
goldh2@treblepr.com