ChampionX and Cemvita’s GH2 Subsidiary Collaborating to Advance Subsurface Hydrogen Production
THE WOODLANDS, TX, November 28, 2023 - ChampionX Corporation (NASDAQ: CHX) and Gold H2, Inc. (GH2) announce a strategic collaboration, which commenced on November 9, on field trials of GH2's novel hydrogen production technology.
GH2, a subsidiary of Houston-based Cemvita Factory Inc., is working to advance the energy transition through its tailored subsurface microbiology solutions that use the power of microorganisms to enable in-situ hydrogen production from depleted or uneconomical oil reservoirs, known as Gold HydrogenTM.
ChampionX complements GH2 with a portfolio of services and chemical technologies that optimize and enhance production from oil and gas reservoirs. As a market leader with expertise spanning the oil and gas lifecycle and a footprint in every major producing area, ChampionX is equipped to support GH2 through these exciting field trials.
The collaboration between GH2 and ChampionX has potential to push the energy transition forward by driving innovation in applied microbiology and oil and gas operations. GH2’s novel technology, complemented with ChampionX’s production expertise, provides a strong foundation for testing this technology.
ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championX.com.
Cemvita Factory Inc. is a biotech company on a mission to reimagine heavy industries, such as oil & gas and mining, for the net-zero economy. This is done through the sustainable extraction of natural resources, carbon negative production of chemicals, and closed-loop renewal of waste as feedstock. Visit www.cemvita.com for more information.
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.
This news release contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, ChampionX's market position and growth opportunities. Forward-looking statements include statements related to ChampionX’s expectations regarding the performance of the business, financial results, liquidity and capital resources of ChampionX. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, changes in economic, competitive, strategic, technological, tax, regulatory or other factors that affect the operations of ChampionX’s businesses. You are encouraged to refer to the documents that ChampionX files from time to time with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in ChampionX’s other filings with the SEC. Readers are cautioned not to place undue reliance on ChampionX’s forward-looking statements. Forward-looking statements speak only as of the day they are made and ChampionX undertakes no obligation to update any forward-looking statement, except as required by applicable law.
Kristen O’Hara, ChampionX – kristen.ohara@championX.com
Cindy Jimenez Turner, Cemvita – firstname.lastname@example.org