MMEX Resources Corp. Announces Inflation Reduction Act Support of Solar and Wind, Clean Fuels and Hydrogen Projects
MMEX Resources Corp. has announced the enhancement of its hydrogen and ultra-clean fuel projects following the signing of the Inflation Reduction Act of 2022 by President Biden. This legislation provides significant tax credits for solar power, carbon capture, and hydrogen production, improving the financial outlook for MMEX's projects. Their initiatives include a solar-powered clean fuel refinery and a green hydrogen project utilizing Siemens Energy technology. MMEX aims to capitalize on its prime West Texas location for logistics, targeting both U.S. markets and exports to Asia.
- Enhanced project economics due to tax credits from the Inflation Reduction Act.
- Approval received for the UltraClean Refinery project by the Texas Commission on Environmental Quality.
- Engagement in multiple clean energy projects, including solar-powered and hydrogen production initiatives.
- Strategic location in Texas facilitating logistics and market access.
- None.
MMEX renewable powered hydrogen and ultra clean fuels with carbon capture projects in Texas boosted by Legislation
FORT STOCKTON, TEXAS, Aug. 16, 2022 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), a development-stage company focusing on planned hydrogen and ultra clean fuel projects with carbon capture, is pleased to announce its support of The Inflation Reduction Act of 2022. Signed into law today, the legislation enhances significantly MMEX’s planned projects.
Jack W. Hanks, President and CEO of MMEX Resources Corp., said, “Over the past 18 months we have made several announcements of our clean energy projects development. 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. We announced on August 24, 2021 a green hydrogen project utilizing the Siemens Energy electrolyzer technology along with solar power.”
“We announced in our SEC 10K filing on July 15, 2022, our discussions to develop a blue hydrogen project in Pecos County, Texas. The project plans to produce hydrogen utilizing an autothermal reformer (“ATR”) technology along with carbon capture powered by renewable energy. In turn, the hydrogen will be used in Siemens Energy turbines and generator sets to produce 265 MWe of electric power which are projected to utilize initially a
“Our planned projects include a solar powered refinery to produce transportation quality clean fuels with carbon capture, a solar powered green hydrogen project utilizing electrolyzers and a renewable energy powered blue hydrogen project utilizing natural gas with carbon capture to produce clean electric power with hydrogen gas turbines.”
Hanks continued, “On August 16, 2022, President Biden, signed into law the Inflation Reduction Act which, among other provisions, provides tax credits for solar and wind power development, carbon capture and hydrogen production. These genuinely significant tax credits with options to take them in direct cash payments vastly enhance the potential economics of our projects. We congratulate our Congress and President for the significant support in advancing clean energy to reduce emissions in the U.S. Our company is doing our part, we have a footprint in both the energy transition with clean transportation fuels and transition to the hydrogen clean fuels economy, all planned to be produced with renewable power and carbon capture.”
As we underscored in our announcement of March 2, 2022, MMEX land assets for the proposed projects 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. We are now focused on developing the metropolitan transit market utilizing hydrogen fuels cells for our green hydrogen project.
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.
###
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 the Inflation Reduction Act for MMEX?
What projects is MMEX currently developing?
Where is MMEX located and why is it advantageous?
What is the current status of the UltraClean Refinery project?
