Vivakor Provides Update on Empire's Hydrogen Project at the Port of West Virginia
Vivakor (NASDAQ: VIVK) provided an update on Empire Diversified Energy's hydrogen project at the Port of West Virginia. The project, developed in partnership with Heartland Water Technology, aims to convert food waste into renewable hydrogen and carbon. This initiative is part of the Department of Energy's Appalachian Regional Clean Hydrogen Hub (ARCH2). Utilizing Heartland's proprietary HelioStorm™ and LTC Dry™ gasifiers, the process will produce clean hydrogen and synthesis gas, reducing fossil fuel reliance. Operations are expected to start in Q3 2025.
- Vivakor and Empire announced a proposed merger on March 4, 2024.
- New partnership with Heartland Water Technology to create a hydrogen production facility.
- The facility will convert food waste into renewable hydrogen and valuable sustainable carbon.
- The project is part of the Department of Energy's Appalachian Regional Clean Hydrogen Hub (ARCH2).
- Utilizes Heartland's proprietary HelioStorm™ and LTC Dry™ gasifiers.
- The process will reduce reliance on the grid and fossil fuels.
- Operations are expected to begin in Q3 2025.
- No revenue or financial projections were provided in the update.
- The project is not expected to begin operations until Q3 2025, indicating a long timeline before potential profitability.
- The update does not specify the total investment required or potential risks involved.
Insights
The partnership between Empire Diversified Energy and Heartland Water Technology to develop a facility converting food waste into renewable hydrogen is a significant technological advancement. Utilizing Heartland’s proprietary HelioStorm™ gasifier for methane pyrolysis and the LTC Dry™ gasifiers to produce ultra-pure synthesis gas, the project aims to create a closed-loop system that mitigates dependence on the grid and fossil fuels. This initiative highlights the increasing focus on waste-to-energy technologies, which not only addresses waste management issues but also generates clean energy, aligning with sustainability goals.
The potential merger between Vivakor and Empire may bring synergistic benefits, as both companies share a focus on clean energy technologies. For investors, this translates into long-term growth potential as the global demand for hydrogen and sustainable energy solutions rises. However, investors should be aware that the project’s success heavily depends on the execution and operational expertise of both companies.
Overall, the implications are promising but the risks shouldn't be overlooked, particularly regarding the technology’s scalability and regulatory approval processes.
From a market perspective, the hydrogen project aligns with the broader trend of increasing investments in renewable energy. The Department of Energy's involvement through the Appalachian Regional Clean Hydrogen Hub (ARCH2) underscores the governmental push towards clean energy initiatives. This initiative has the potential to attract further institutional interest and government grants, enhancing the project's financial viability and long-term sustainability.
However, considering that the project is expected to start operations in Q3 2025, investors should be prepared for a relatively long investment horizon before any substantial financial returns materialize. Additionally, the successful implementation will be important in demonstrating the project’s viability to the market, as any delays or technical challenges could impact stock performance.
For retail investors, this project could represent a high-potential, long-term investment in the renewable energy sector.
DALLAS, TX / ACCESSWIRE / May 23, 2024 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, today provided an update on the hydrogen project being developed at the Port of West Virginia industrial park by Empire Diversified Energy, Inc. ("Empire"). The Company and Empire announced a proposed merger on March 4, 2024, and the Company is releasing this update in connection the potential merger.
On May 20, 2024, Empire and Heartland Water Technology ("Heartland") announced a new partnership with Empire Green Generation, a wholly-owned subsidiary of Empire, to develop a state-of-the-art facility that will convert food waste into renewable hydrogen and carbon as part of the Department of Energy's Appalachian Regional Clean Hydrogen Hub (ARCH2). The partnership between Heartland and Empire represents a significant step forward in converting waste into sustainable hydrogen production.
The project incorporates several essential technical steps into a cohesive, unified process. First, food waste is treated in an anaerobic digester, producing biogas and residual solid material (digestate). Heartland's proprietary HelioStorm™ ultra-high temperature ionic gasifier performs methane pyrolysis of the biogas to produce clean hydrogen and valuable sustainable carbon. The digestate is processed through Heartland's proprietary LTC Dry™ and HelioStorm™ gasifiers in a parallel pathway to produce an ultra-pure, tar-free synthesis gas. This gas is then used to generate clean energy, powering the entire conversion system described, and reducing reliance on the grid and fossil fuels.
"The project not only aligns with our vision to redefine waste, it underscores the critical role of renewable hydrogen in shaping a sustainable, circular economy. Hydrogen is more than an energy carrier; it represents a cornerstone for future sustainability goals, offering a path to decarbonize industries and energize communities in an environmentally responsible manner," said Chris Beaufait, CEO of Heartland. "Empire is a world class developer of sustainable projects. We are excited to work together to deliver an exciting and impactful waste treatment and hydrogen generation plant."
Bernard Brown, Empire COO, added, "The ARCH2 hydrogen hub is a beacon of innovation and leadership in the renewable energy sector. By leveraging this hub as a pivotal platform for collaboration, research, and development, we aim to demonstrate how strategic investments in decentralized hydrogen infrastructure and technology can yield significant environmental and economic benefits. The integration of Heartland's HelioStorm™ technology into the project is a game-changer, harnessing groundbreakingly efficient methods to convert food waste into renewable hydrogen, propelling us toward our hydrogen goals."
The food waste to energy project is expected to begin operations in Q3 2025.
About Heartland Water Technology
Operating at the intersection of water, renewable energy, and resource recovery, since 2008, Heartland has been providing technology-enabled solutions for world's most challenging waste streams. With proprietary, award-winning technologies such as the Heartland Concentrator™, HelioStorm™, and LTC Dry™, Heartland's mission is to provide scalable, efficient, turnkey solutions enabled by expertise and innovation, that not only meet the needs of today but promote sustainability, preserve the environment, and enhance public health.
About Empire Green Generation
Empire Green Generation is a behind-the-grid utilities company that utilizes waste-to-energy and recycling systems to provide electricity, waste management, and water treatment services to Empire's Riverfront Industrial Complex at the Port of West Virginia. Green-Gen provides electricity from waste plastic-derived syngas and green hydrogen from recycling food waste.
About Empire Diversified Energy
Empire Diversified Energy, Inc. is a multifaceted holding company with business units in the sustainable energy and logistics sector. Empire's primary location is in Follansbee, WV where it operates the Port of West of Virginia, within its Eco-Industrial Complex. The Complex is geographically located along the Ohio River where it serves the crossroads of the East Coast and Midwest through its trimodal facility. Empire is currently deploying a host of innovative proven technologies serving the pathway to clean energy generation. These business units will serve the transportation, waste, steel, warehousing, and other sectors, in an effort to help decarbonize the region.
About Vivakor, Inc.
Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to create, acquire, accumulate, and operate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include crude oil gathering, storage, and transportation facilities, which feature long-term ten year take-or-pay contracts.
The Company's patented Remediation Processing Centers allows for the environmentally-friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than
For more information, please visit our website: http://vivakor.com
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Investors Contact:
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Important Additional Information About the Transaction and Where to Find It
This material relates to the proposed merger between the Company and Empire (the "Merger"), as disclosed in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC') on March 1, 2024. Shares of Vivakor's common stock (the "Vivakor Shares") issued in connection with the proposed Merger may be registered pursuant to a registration statement to be filed with the SEC or issued pursuant to an available exemption. This information is not a substitute for any registration statement or any other document that Vivakor may file with the SEC or that it or Empire may send to its respective shareholders in connection with the offer and/or issuance of Vivakor Shares. Investors are urged to read any registration statement, if and when filed, and all other relevant documents that may be filed with the SEC as and if they become available because they will contain important information about the issuance of Vivakor Shares. Documents, if and when filed with the SEC, will be available free of charge at the SEC's website (www.sec.gov). You may also obtain these documents by contacting Vivakor's Investor Relations department at http://vivakor.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
In connection with the proposed Merger, Vivakor will file proxy soliciting materials with the SEC. The information contained in any such filing may not be complete and may be updated, amended or changed. SHAREHOLDERS ARE URGED TO READ SUCH MATERIALS WHEN AVAILABLE AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO.
SOURCE: Vivakor and Empire Diversified Energy
View the original press release on accesswire.com
FAQ
What is the latest update on Vivakor's hydrogen project at the Port of West Virginia?
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