FORT WORTH, TX -- (Marketwired) -- 07/25/17 -- 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.
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