MMEX RESOURCES CORP. AND THE PROVINCE OF TIERRA DEL FUEGO ARGENTINA JOINTLY ANNOUNCE THE POTENTIAL DEVELOPMENT OF A GREEN HYDROGEN PROJECT FROM WIND POWER IN RÍO GRANDE, PROVINCE OF TIERRA DEL FUEGO, ARGENTINA

Rhea-AI Summary

MMEX and the Province of Tierra del Fuego announced plans for a green hydrogen project in Río Grande, with an aim to produce 55 tons of hydrogen powered by 160 MW of wind energy.

The project, supported by local government, seeks to facilitate exports to Europe and Asia, leveraging excellent wind conditions. An investment of approximately $500 million is projected, with potential for 1,500 construction jobs and 300 permanent positions. Siemens Energy will contribute via electrolysis technology, and agreements for technical data exchange have been signed to expedite project assessment.

Positive

• Potential investment of $500 million in a green hydrogen project.
• Creation of up to 1,500 construction jobs and 300 permanent jobs.
• Partnership with Siemens Energy to utilize advanced electrolysis technology.
• Strong government support from the Province of Tierra del Fuego.

Negative

• Risks related to financing and ability to execute the project.
• Company has a history of operating losses and lack of revenues.

FORT STOCKTON, TEXAS, April 28, 2022 (GLOBE NEWSWIRE) -- Today, the Province of Tierra del Fuego and MMEX jointly announce the potential development of a green hydrogen project in the Río Grande area.

The Governor of the Province of Tierra del Fuego, Mr. Gustavo Adrian Melella, announced that, “MMEX, a North American company with operations in Texas USA with extensive experience in the implementation, financing and operation of energy infrastructure in Latin America and the USA, is evaluating a project for the production of 55 tons of green hydrogen with 160 megawatts of base wind power.”

Governor Melella added, “The excellent wind conditions in the Río Grande area, which allow efficient logistics and production and direct access to the sea, are the basis for MMEX's entry into Argentine Patagonia. The final objective would be the implementation of a green hydrogen node destined to export to Europe and Asia. We welcome and support the participation of MMEX in Tierra del Fuego.”

Jack W. Hanks, the CEO of MMEX stated, “We are very excited to join the Government of Tierra del Fuego to plan this project. The global focus on renewable energy and the need to reduce the planet's carbon footprint is at the core of Tierra del Fuego and MMEX's strategy, drawing on MMEX's green hydrogen expertise."

Hanks added, “Since 1989, in Texas and Peru, MMEX has built and operated thermoelectric plants, oil and gas pipelines, oil refineries and ethanol plants. It has also explored and operated oil and gas fields. MMEX, in conjunction with Siemens Energy, recently completed a front-end engineering design study for the production of 55 tons per day of hydrogen for this project and its other projects in Texas. Hydrogen can be transformed into Ammonia or Methanol for global exports. It is estimated that the investment will be in the range of US $500 million, generating up to 1,500 jobs in the construction stage and 300 qualified and permanent jobs in the operation stage.”

Hanks further commented, “Siemens Energy is a leading manufacturer of electrolysis equipment that enables the transition to clean energy. MMEX has also signed a memorandum of understanding with Siemens Energy and Siemens Gamesa, one of the world leaders in the production of wind towers, which is associated with the realization of this project. This will allow defining the necessary wind turbine and the required land to implement a 160MW wind farm that supplies electrical energy to the Siemens electrolysers to produce hydrogen.”

Governor Melella added, “The province of Tierra del Fuego and MMEX have signed agreements on the exchange of technical information. This allows rapid progress in the preliminary assessment of wind potential.”

The provincial government, within its support for the development of renewable energy industries, welcomes initiatives that allow the sustainable use of Tierra del Fuego's resources and reaffirms, as a government, its commitment to sustainable development, the preservation of the environment, investment and employment.

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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 MMEX green hydrogen project in Tierra del Fuego?

MMEX is planning a green hydrogen project in Tierra del Fuego to produce 55 tons of hydrogen using 160 MW of wind energy.

What is the estimated investment for the MMEX hydrogen project?

The investment for the MMEX hydrogen project is estimated to be around $500 million.

How many jobs will the MMEX hydrogen project create?

The project is expected to create up to 1,500 construction jobs and 300 permanent jobs.

Who is partnering with MMEX on the hydrogen project?

MMEX has partnered with Siemens Energy for the electrolysis technology needed for hydrogen production.

What are the risks associated with the MMEX hydrogen project?

Risks include the need for significant financing and the company's history of operating losses.