Business
Verde Clean Fuels, Inc. Reports Second Quarter 2024 Results
HOUSTON--(BUSINESS WIRE)-- Verde Clean Fuels, Inc. (“Verde” or the “Company”) (Nasdaq: VGAS), a renewable energy company focused on the development of
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nVerde Clean Fuels, Inc. (“Verde” or the “Company”) (Nasdaq: VGAS), a renewable energy company focused on the development of commercial production facilities to convert syngas derived from diverse feedstocks into gasoline, today reported second quarter 2024 GAAP diluted net loss per share of $(0.14). The second quarter 2024 consolidated net loss was $2.8 million, of which $0.9 million was attributable to Verde. The second quarter net loss consists primarily of ongoing general and administrative and research and development expenses related to the Company’s continuing focus on development of its first commercial facility based on Verde’s proprietary STG+® technology which is designed to produce gasoline utilizing either stranded natural gas or waste feedstocks. The Company ended the second quarter with $23.2 million of cash and cash equivalents.\n\n\nBusiness Update Highlights Through August 13, 2024\n\n\n\nVerde selected Chemex Global as its FEED services partner for the Cottonmouth Ventures Permian Basin project. As announced in June 2024, Chemex Global was selected to spearhead the front-end engineering and design for the proposed development, construction, and operation of a natural gas-to-gasoline facility in the Permian Basin. With the selection of Chemex Global, FEED work has commenced and is expected to be completed in early 2025.\n\n\n\n\nVerde is in preliminary discussions with various potential offtake parties with respect to carbon credits and gasoline. Verde is in preliminary discussions with various parties with respect to potential offtake arrangements for the purchase of D3 RINs and LCFS credits as well as gasoline that may be produced in any future project. The goal of any such potential arrangements, if finalized and entered into, would be to help manage price risk associated with these credits and the gasoline as well as to possibly support expected project finance requirements.\n\n\n\n“Kicking off work with our FEED services partner, Chemex Global, on the Cottonmouth project was an important step forward in pursuing our first commercial scale facility for producing gasoline from waste natural gas in the Permian Basin,” said Verde CEO Ernest Miller. “We continue to work with Cottonmouth on this proposed project, with the goal to help Diamondback Energy reduce flaring and overall envi...