Greenway Technologies, Inc. (OTCQB: GWTI), an advanced gas-to-liquids (“GTL”) technology development company today announced that Mabert LLC, a company controlled by Greenway Director, Kevin Jones, which also acts as agent for the Company’s lenders, acquired INFRA Technology Group’s U.S. GTL plant and technology located in Wharton, Texas.
Mabert purchased the entire 5.2-acre site, plant and equipment, including INFRA’s proprietary Fischer-Tropsch (“FT”) reactor system and operating license agreement. Greenway and Mabert have agreed in principal to enter into a joint venture whereby GWTI, Mabert and a third-party investment group will jointly fund and participate in plant operations going forward. The parties are currently working to complete the final joint venture structure and related operating participation agreements.
As consideration for its interest in the joint venture, the Company is expected to provide a license to its patent-pending G-Reformer™ natural gas reforming technology and a G-Reformer unit. As the first GTL operating plant using Greenway’s proprietary technology and equipment, this facility is initially expected to yield a minimum of 75 barrels per day of gasoline and diesel fuels from converted natural gas. Greenway is also expected to contribute engineering and operations personnel to the joint venture, who will be responsible for integrating Greenway’s G-Reformer technology with the existing INFRA FT system. The Company’s Board of Directors voted on July 19, 2019, to adopt the resolution affirming GWTI’s partnership in the new joint venture. The resolution’s vote was passed with approval from five of the six GWTI Directors, with Kevin Jones abstaining from the vote.
Ray Wright, Greenway’s Chairman of the Board stated, “Greenway’s anticipated participation in the joint venture’s conversion of this existing GTL production facility marks a major milestone in our company’s history. Not only will we be able to complete our engineering certifications, a necessary step for future G-Reformer licensing and sales, we expect that this facility will produce a substantial amount of saleable waxless liquid fuels, demonstrating what we believe will be the world’s first economically viable commercial small-scale GTL plant.”
Tom Phillips, Vice President of Operations and chief engineer for Greenway said, “Once our G-Reformer is fully integrated, this GTL plant will be the first commercial-scale production facility using Greenway’s proprietary technology. We will have the capability to test and optimize various configurations of our unique Fractional Thermal Oxidation™ (FTO) gas reformation process, as well as expedite the engineering certifications necessary to license our front-end G-Reformer technology to other GTL producers. We believe that the successful demonstration of our patented and proprietary technologies at this GTL facility will allow Greenway to participate in a number of other GTL projects around the U. S.”
Mr. Wright added, “We are grateful that Mr. Jones, one of the largest stockholders in Greenway, has agreed to partner with the Company to realize this exceptional and timely transaction. Without his continued support and the financial backing of Mabert over the last year, we would not have had the opportunity to participate in this transformative acquisition.”
Mabert LLC is a Texas Limited Liability Company owned and controlled by Greenway Director and stockholder, Kevin Jones, and his wife Christine Earley. On September 14, 2018, the Company entered into a loan agreement, with Mabert acting as agent for the Company’s lenders, for the purpose of funding Greenway’s ongoing research and development, working capital and general corporate operating expenses up to $1,500,000. Please see the Company’s annual report on Form 10-K and most recent quarterly report on Form 10-Q, related exhibits and other filings for more information about the Mabert Loan Agreement.
Source: Company Press Release