MMEX Resources Corp. Advances Plan for Green Energy

Rhea-AI Summary

MMEX Resources Corp. announced progress on its solar-powered ultra-low sulfur fuels project in Texas, aimed at clean energy production. Key milestones related to technology and financing have been completed, with a financing round closing on July 20, 2021. The company plans to produce hydrogen and ultra-low sulfur fuels while capturing up to 95% of CO2 emissions. The facility will enhance oil refining capabilities and offer various fuel grades along Interstate 10.

Positive

• Completion of significant milestones on the technology and financing timeline.
• First round of financing closed on July 20, 2021, allowing for accelerated project design.
• Projected 95% reduction in emissions post carbon capture.
• Enhanced crude-type flexibility, improving plant economics.

Negative

• Company is at a development stage with no current revenues reported.
• High reliance on future financing to pursue business plans.

MMEX solar powered ultra-low sulfur fuels with carbon capture project in Texas progresses

FORT STOCKTON, Texas, July 29, 2021 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEDX), a development-stage company focusing on planned hydrogen and ultra-low sulfur fuel projects with carbon capture, announced it has completed certain milestones with its technology provider for its West Texas project.

Jack W. Hanks, President and CEO of MMEX Resources Corp., said, “We announced on Feb. 8, 2021, and Mar. 24, 2021, our modified business plan moving MMEX to clean energy production. We plan to provide solar power to produce blue hydrogen with carbon capture, green hydrogen by electrolysis and for the transition to the hydrogen economy by producing hydrogen along with ultra-low sulfur transportation fuels in the interim.”

“We have now completed significant milestones on the technology timeline and financing for our Ultra Fuels 2 Plus project. With our first round of financing closing on Jul. 20, 2021, we are accelerating the design and engineering of the Ultra Fuels 2 Plus project which incorporates up to a 95% reduction in overall emissions after carbon capture. Fine-tuning of the process design has provided for additional crude-type flexibility beyond what was initially targeted at the facility. We can broaden the selection of crude feedstock and we project significantly improved plant economics. We are also able to expand the clean fuels product flexibility, with the facility being slated to produce finished transportation grade ultra-low sulfur diesel; 87 Regular, 87 Clear, and 93 Premium grades of gasoline, readily available to our market on Interstate 10, the "transcontinental" highway traveling thru eight states from coast to coast.”

Gerry Obluda, Principal of Polaris Engineering, the technology provider and EPC of the UF2 Plus project added, “We have selected a major technology partner to license carbon capture technology and become the first oil refinery in the world to fully capture CO2 emissions, inclusive of the power generation for the facility. Polaris has completed the UF2 process design and is accelerating the site-wide engineering design inclusive of carbon capture and is on track to deliver lump sum turnkey pricing for the complete facility on advanced progress milestones early fourth quarter of 2021.”

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 potentially hydrogen and ultra-low sulfur 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.

About Polaris Engineering.
Polaris Engineering is a full-service provider of engineering, procurement and construction for heavy industries around the world. Polaris Engineering has been operating for over 25 years in the Industrial Hub of Southwest Louisiana. Our company was founded and prospers by offering process engineering consulting and EPC services. We have built success by helping our clients find innovative and cost-effective process solutions to their operating and debottlenecking challenges. This process expertise is still a source of pride for our company today. www.polarisepc.com.

Media Inquiries

For MMEX Resources:

Kristen Quinn
Director, Public Relations
Paige PR
kristen@paigepr.com

MMEX Investor Inquiries
Please contact MMEX Resources Corp. directly at
Info@mmexresources.com

For Polaris Engineering:
Ray Fontenot
rfontenot@polarisepc.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 MMEXD's update on their Texas clean energy project?

MMEX Resources Corp. announced progress in July 2021, achieving key milestones for its solar-powered ultra-low sulfur fuels project in Texas.

When did MMEX Resources Corp. close its first round of financing?

The first round of financing for MMEX Resources Corp.'s project closed on July 20, 2021.

What emission reduction is projected for MMEXD's fuel project?

MMEXD's project aims for a projected 95% reduction in overall emissions after carbon capture.

What fuels will be produced at the MMEXD facility?

The facility will produce ultra-low sulfur diesel and various grades of gasoline.