Greenway Innovative Energy in Discussions for First Commercial GTL Plant
July 25 2017 - 7:00AM
Marketwired
Greenway Innovative Energy in Discussions for First Commercial
GTL Plant
FORT WORTH, TX--(Marketwired - Jul 25, 2017) - Greenway
Innovative Energy, Inc. (GIE), a wholly-owned subsidiary of
Greenway Technologies, Inc. (OTCQB: UMED), has announced that it is
in discussions with several oil and gas companies regarding joint
venture project funding for its first gas-to-liquid (GTL) plant
using its proven, proprietary technology.
Following the successful GTL test at the Conrad Greer Laboratory
at the University of Texas Arlington (UTA), the company is now in
talks to establish the necessary business agreements to commission
a GTL plant that will produce between 125 and 500 barrels per day
of fuel.
The joint venture project arrangement is expected to provide the
company with funding at a level of between $20M and $50M with an
ongoing profit sharing arrangement.
According to Ray Wright, president of Greenway Innovative
Energy, the plant specification is for at least a 20-year
continuous operation at a brownfield site to which GIE has obtained
contractual rights and which offers an economically attractive
supply of methane.
Over the 20-year service period, in addition to producing
high-cetane diesel, the plant will also produce water and
electricity, both of which have significant economic and
environmental value.
GIE's breakthrough, patented, gas-to-liquid system allows for
scalable plants to be deployed at geographically diverse locations
to harvest and monetize natural gas profitably.
While there is no assurance that talks will generate an
arrangement, Mr. Wright stated that the company "is working with
multiple interested parties and we are optimistic that a formal
agreement will be consummated within the next few months."
About Greenway Innovative Energy, Inc.
Greenway Innovative Energy, Inc., located in Fort Worth, Texas
is a wholly-owned subsidiary of Greenway Technologies, Inc. GIE is
focused on small and full-scale gas-to-liquid (GTL) conversion
units intended to take advantage of the abundant supply of natural
gas resources throughout the world by way of improved and
environmentally conscious technology. The advancement of this
technology will enable natural gas producers to achieve stronger
financial performance through conversion of natural gas to cleaner
synthetic fuels. The conversion unit will be particularly useful in
stranded gas fields and at stored gas facilities. Visit
http://greenwaygtl.com for more information.
Greenway Innovative Energy is a wholly-owned subsidiary of
Greenway Technologies, Inc.
Greenway Technologies, Inc. (formerly UMED Holdings, Inc.) is a
Fort Worth, Texas-based, diversified holding company that seeks to
own and operate businesses in a variety of industries including
energy, oil and gas, aerospace, and mining. Visit
http://umedholdingsgwtechinc.com to learn more.
Forward Looking Statements
This document contains forward-looking statements and
information as that term is defined in the Private Securities
Litigation Reform Act of 1995, and, therefore, is subject to
certain risks and uncertainties. There can be no assurance that the
actual results, business conditions, business developments, losses,
and contingencies, and local and foreign factors will not differ
materially from those suggested in the forward looking statements
as a result of various factors, including market conditions,
competition, advances in technology, and other factors.
Greenway Technologies, Inc.Contact Investor
Relations817-346-6900
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