MMEX Resources Corp. and Trans Permian H2Hub, LLC Given Green Light by The US Department of Energy in Application Stage for Green Energy Regional Hydrogen Hub
MMEX Resources Corp. announced that the U.S. Department of Energy has approved its Concept Paper for the Trans Permian H2Hub, allowing it to advance to the final application stage for governmental funding aimed at clean hydrogen infrastructure. This initiative aligns with the Biden Administration's carbon-free electric grid goals by 2035. The project, covering several Texas cities, aims to develop hydrogen production and related infrastructure, with expected DOE investments between $500 million and $1 billion for selected projects.
- Approval to advance to the final application stage for DOE funding for clean hydrogen infrastructure.
- Potential DOE investments between $500 million and $1 billion for selected hydrogen hubs.
- The company has a history of operating losses and requires significant financing to pursue its business plan.
Organization Advances to Final Application Stage for Government Initiative
FORT STOCKTON, TEXAS, Jan. 02, 2023 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), sponsor of the Trans Permian H2Hub is pleased to announce that The U.S. Department of Energy (DOE) on December 27, 2022 approved its Concept Paper to advance to the final application stage under the guidance for funding clean hydrogen infrastructure.
On September 22, 2022, The DOE released its Funding Opportunity Announcement (FOA) to solicit Regional Clean Hydrogen Hubs (H2Hubs) under the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law (BIL). The FOA stated, “This
Jack W. Hanks, President and CEO of MMEX Resources Corp and sponsor of the Trans Permian H2Hub said, “Trans Permian H2Hub filed on November 5, 2022, announcing its formation and the filing of its Concept Paper for the regional hub Trans Permian H2Hub, LLC and to apply for DOE funding. On December 27, 2022, we received the decision by the DOE to proceed to the formal application stage in April 2023. We are very excited to receive this stamp of approval by the government to continue our Permian Basin H2Hub initiative.”
Hanks continued, “The Trans Permian H2Hub includes the Texas Permian Basin cities of San Antonio, San Angelo, Big Spring, Midland, Odessa, El Paso, Fort Stockton, Alpine, Presidio and Del Rio with an outreach of H2 attributes across Texas, the U.S. Southwest and Mexico. The planned projects within the Trans Permian H2Hub include hydrogen bus manufacturing, H2 re-fueling stations, green and blue hydrogen production, ammonia and methanol production, solar and wind power, and metropolitan bus transport projects in the major cities. In addition, Trans Permian H2Hub plans to work with the many natural gas transmission pipelines in the Permian to blend H2 with natural gas to reduce CO2 emissions and to work with the four railroads serving the Trans Permian to convert locomotives to H2 to reduce emissions. The plan also includes community benefits programs including environmental justice that check the core elements set out in the FOA. Trans Permian is in discussions or plan to be in discussions with each of the county or city economic development agencies in the region to implement economic and community development programs. The H2Hub also encompasses several university, college, and trade school campuses to implement hydrogen attributes curriculum or job training. The Trans Permian H2Hub is open for participation to any interested party. Trans Permian is now receiving letters of support and participation for non-binding, non-exclusive cooperation agreements.”
Jack W. Hanks, President and CEO of MMEX Resources Corp., further stated, “With its abundant resources of oil, natural gas, oil and natural gas pipelines, sun, wind, transcontinental interstate highways and railroad access, open space and reusable water resources, the Permian Basin has all the requisites to be chosen as one of the regional hubs.”
The new Trans Permian H2Hub web site includes the MMEX Trans Permian H2Hub presentation, including several maps of the region.
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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 by independent third parties. 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.
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.
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