Gold H2 Short-listed for Emissions Reduction Alberta Grant Program

Gold Hydrogen (GH2) is pleased to announce it has advanced to the second stage of Emissions Reduction Alberta's (ERA) Emerging Innovators Challenge. This is a $25 million funding opportunity from ERA that aims to support small and medium-sized enterprises (SMEs) pioneering transformative emissions reduction technologies in Canada. Funding for the competition is sourced from the Government of Alberta's Technology Innovation and Emissions Reduction (TIER) Fund.

Gold Hydrogen (GH2), a subsidiary of Houston-based Cemvita, is at the forefront of the energy transition, leveraging tailored subsurface microbiology solutions to unlock the potential of in-situ hydrogen production from depleted or uneconomical oil reservoirs. Their groundbreaking technology, known as GH2 Technology or Gold Hydrogentm, represents a significant step towards a carbon-neutral future.

GH2 was invited to submit a Full Project Proposal (FPPs), which includes more detail about the proposed project, the expected outcomes, and the plan for implementation. These in-depth proposals will then be evaluated by an independent team of experts and will be accompanied by a presentation. All final funding decisions will be made by ERA's Board of directors in Summer 2024.

"Advancing to the next stage of the ERA's Emerging Innovators Challenge is a tremendous source of excitement for us," said John Koch, COO of GH2. "This pilot represents a crucial first step in unlocking this valuable resource in Alberta, and we very much look forward to furthering our relationships with government agencies, strategic and operating partners in moving forward."

GH2 has chosen to conduct its primary field testing in the Western Canada Sedimentary Basin, recognized as one of the globe's most prolific hydrocarbon basins. To date, less than 20% of the conventional light oil in this basin has been recovered using existing technology for primary recovery. Additionally, GH2 has completed an extensive geological survey across the entire basin to pinpoint the best oil reservoirs for initial field testing. Samples have been collected from these reservoirs, and the company anticipates beginning its first waterflood pilot project in Q1 2024.

In addition to its pilot project, GH2 has also announced a partnership with ChampionX to further develop subsurface hydrogen production within the oil and gas industry. This collaboration will leverage the expertise of both companies to accelerate the commercialization of this innovative technology.

"The untapped oil resources in Canada present a substantial opportunity for a vast supply of low-emission hydrogen," Murray Rodgers, GH2 Lead Geoscientist commented. "Our recent strategic collaboration with ChampionX and this achievement marks another significant milestone in our journey to reshape the energy landscape."

About Gold Hydrogen (GH2)

GH2 is a subsidiary of Cemvita dedicated to transforming depleted and uneconomical oil wells into a source of clean hydrogen. This is done by employing oil-consuming microbes to enable the sustainable extraction of hydrogen with a carbon intensity comparable to green hydrogen.

To learn more about Gold Hydrogen, visit www.goldhydrogen.com.

About Cemvita

Cemvita is on a mission to create the natural resource industry of the future. Our nature-inspired carbon utilization technology produces microbial oil used to produce sustainable aviation fuel (SAF) and other low-carbon end products.

Cemvita was founded in 2017 and is proudly based in one of the energy capitals of the world?Houston, TX. For more information, please visit www.cemvita.com.