MMEX Resources Corp. Acquires Additional Sites for Solar, Hydrogen and Ultra Clean Refinery Projects

Rhea-AI Summary

MMEX Resources Corp. has made strides in its solar-powered hydrogen and ultra clean fuels projects in West Texas, acquiring an additional 632 acres, bringing total ownership to 1,082 acres. This strategic expansion allows for the potential development of 97 MW/dc of solar power. The company has also achieved significant milestones with its UltraClean Refinery project, receiving permit approval from the Texas Commission on Environmental Quality. The land's prime logistics position enhances marketing capabilities for refined products and green hydrogen, aiming for coast-to-coast distribution in the U.S. and export to Asia.

Positive

• Acquisition of 632 acres increases total land ownership to 1,082 acres.
• Potential development of an additional 97 MW/dc of solar power.
• Significant milestones achieved for UltraClean Refinery project.
• Permit approval received from Texas Commission on Environmental Quality.
• Prime logistics location facilitates coast-to-coast marketing.

Negative

• Company's ongoing lack of revenues and history of operating losses.
• Significant financing required to pursue the business plan.
• Risks related to ability to continue as a going concern.

MMEX solar powered hydrogen and ultra clean fuels with carbon capture projects in Texas progresses

FORT STOCKTON, TEXAS, March 02, 2022 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), a development-stage company focusing on planned hydrogen and ultra clean fuel projects with carbon capture, announced it has completed additional site acquisitions of 632 acres for its West Texas projects, bringing its total land ownership to 1,082 acres.

Jack W. Hanks, President and CEO of MMEX Resources Corp., said, “We announced on February 22, 2022 that along with Polaris Engineering, we had completed significant milestones on the technology timeline for our UltraClean Refinery project and we have received permit approval for the project by the Texas Commission on Environmental Quality on February 18, 2022.”

He continued, “Today, we closed the acquisition of 632 acres of additional land in Pecos County, Texas. This significant acreage position gives us the flexibility to source our solar complex and to provide the space for both our ultra clean fuels refinery and our green hydrogen project. We estimate we can build potentially another 97 MW/dc of solar power with this additional acreage.”

MMEX land assets also sit in the middle of prime West Texas logistics: railroad access to the Texas Pacifico Railroad corridor interconnecting to both the Texas Gulf Coast and the Mexico Western Ports for exports, and a highway interconnection readily available on Interstate 10, the "transcontinental" highway traveling through eight states from coast to coast. This ideal location is expected to allow us to market our ultraclean refined projects and green hydrogen from coast to coast in the U.S and to Western Mexico Ports for export to Asia.

About MMEX Resources Corp.

MMEX Resources Corporation (MMEX) is a development stage company formed to engage in energy industry infrastructure projects. Leveraging its management and business relationships from the traditional energy sector, MMEX is currently engaged in developing planned projects to produce hydrogen and ultraclean fuel products combined with CO2 capture. MMEX is also engaged in the development of solar power for distribution to its planned projects. For more information about MMEX, visit www.mmexresources.com.

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 The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, which could cause our actual results to differ materially from those described in the forward looking statements. These risks include but are not limited to the Company’s ability to continue as a going concern, our lack of revenues, general business conditions, the requirement to obtain significant financing to pursue our business plan, our history of operating losses and other risks detailed from time to time in the Company's SEC reports. In particular, readers should note MMEX undertakes no obligation to update forward-looking statements.

FAQ

What is the significance of MMEX's recent land acquisition?

The acquisition of 632 acres allows MMEX to expand its solar and clean fuels projects, increasing total land ownership to 1,082 acres and potentially enabling the development of an additional 97 MW/dc of solar power.

What permits has MMEX obtained for its projects?

MMEX received permit approval for its UltraClean Refinery project from the Texas Commission on Environmental Quality on February 18, 2022.

How does MMEX plan to market its products?

MMEX's land assets are located in a prime logistics area, allowing for distribution and marketing of its ultraclean refined products and green hydrogen across the U.S. and to Western Mexico Ports for export to Asia.

What challenges does MMEX face moving forward?

MMEX faces challenges including a lack of revenues, a history of operating losses, and the need for significant financing to realize its business plans.