ARLINGTON, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTCQB: GWTI), (the “Company”), an advanced gas-to-liquids (“GTL”) technology development company, today responds to the November 4, 2020 Texas Railroad Commission (RRC) announcement aimed at further reducing flaring from oil and gas sites across the state.
The agency’s commissioners announced approval of revamped exceptions associated with Statewide Rule 32 which states that “all gas from any oil well, gas well, gas gathering system, gas plant or other gas handling equipment shall be utilized for purposes and uses authorized by law.”
RRC commissioners approved a revamped Form R-32 used for exceptions to Rule 32. Among the changes are a reduction in the period of time for a flaring exception, and incentives for operators that deploy technologies to reduce the amount of gas flared, as well as more strict reporting requirements.
GWTI offers a modular, relocatable, technology solution that converts flared gas into valuable end products including liquid fuel, water, and long chain organic hydrocarbons which was developed in conjunction with the University of Texas at Arlington. The patented technology has the potential to reduce flaring in Texas as well as to transform the global energy landscape by facilitating the conversion of previously uneconomic and often polluting natural gas into valuable fuels and chemicals.
Kent Harer, GWTI CEO stated that "GWTI has devoted itself over the last ten years to develop and prove this technology based on proprietary processes and procedures to perfect its clean fuels gas-to-liquids solution. We are pleased to offer this unique technology solution to support Texas’ efforts to reduce gas flaring. GWTI’s solution not only reduces or eliminates gas flaring, it also facilitates the monetization of the source gas paying for itself.”
About Greenway Technologies, Inc.
Based in Arlington, Texas, the Company, through its wholly owned subsidiary, Greenway Innovative Energy, Inc., is engaged in the research and development of proprietary GTL syngas conversion systems that can be scaled to meet oil and gas field production requirements. The Company’s patented technology has been integrated into its recently completed first-generation commercial G-Reformer™ unit, a unique component used to convert natural gas into synthesis gas. When combined with a FT reactor and catalyst, G-Reformer™ units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane, and biomass to produce fuels including gasoline, diesel, jet fuel, and methanol. When derived from natural gas, these fuels are incrementally cleaner than conventionally produced oil-based fuels. For additional information about the Company, visit www.gwtechinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission, those associated with the uncertainty of obtaining future technology licensing agreements or sales, and those related to the ability of the Company to: (i) integrate the Company’s technology with existing plant technologies, (ii) produce and sell liquid fuels from such facility, and (iii) receive certification of the Company’s intellectual property. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.
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Investors & Analysts Contact:
Greenway Investor Relations
800-289-2515
ir@gwtechinc.com
SEC filings can be found at:
http://gwtechinc.com/SEC-filings/
For more information, visit GWTI's website: www.gwtechinc.com