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Greenway Enters Joint Venture in U.S. Gas-To-Liquids Plant Agreement Provides Ownership Interest and Commercial Operations
Greenway Enters Joint Venture in U.S. Gas-To-Liquids Plant Agreement Provides Ownership Interest and Commercial Operations.
About this update from Greenway Technologies, Inc.
[{"type":"text","content":"\n ARLINGTON, TEXAS, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTCQB: GWTI) (the “Company”), an advanced gas-to-liquids (“GTL”) technology development company, today announced that it has entered into a joint venture with Mabert, LLC, Tom Phillips, Vice President of Operations and chief engineer for the Company and OPM Green Energy, LLC (“OPMGE”) for an ownership interest in the recently acquired Infra Technologies U.S. GTL plant located in Wharton, Texas. As previously announced, Mabert, owned and controlled by Company director, Kevin Jones, originally purchased INFRA’s entire 5.2-acre site, plant and equipment, including INFRA’s proprietary Fischer-Tropsch (“F-T”) reactor system and operating license agreement (the “INFRA Assets”). The parties formed OPMGE to facilitate the creation of this joint venture, with Jones acting as OPMGE’s Member Manager. OPMGE issued 700 units of its membership interests (“Units”) to initial members, Greenway, Mabert and Phillips. Of these, OPMGE issued: (i) 300 Units to Mabert, in exchange for rights to the INFRA Assets, which will be used as the field testing and certification site for the Company’s G-Reformer™ technology; (ii) 300 Units to the Company for use of the first G-Reformer reactor and license to use the associated technology; and (iii) 100 Units to Phillips in consideration for the services he will be providing to OPMGE. As consideration for its 300 Units, the Company has provided a limited, non-exclusive, royalty-free license to its intellectual property, including all of the technology related to the Company’s patent-pending G-Reformer natural gas reforming technology, including a G-Reformer unit, which will be integrated into the Wharton plant’s existing FT unit and production infrastructure. The Company’s involvement in the joint venture is intended to facilitate the third-party certification of the Company’s G-Reformer technology, related equipment and technology. In addition, the Company anticipates that the joint venture will demonstrate that the G-Reformer™ is a commercially viable technology for producing syngas and marketable fuel products. As the first operating GTL plant to use the Company’s proprietary reforming tech...