Greenway Technologies Inc. has a new chief executive and has expanded its board, following recent public market and business developments at the Arlington-based energy technology company.
Doug Cogan, who was named chief executive officer in November, has now stepped into the role as Greenway builds on a long research-and-development phase and takes steps toward early commercialization of its gas-to-liquids and gas-to-hydrogen technologies. The company also appointed C. Dunham Biles to its board of directors.
Raymond L. Wright, chairman of the board and former interim president, said the leadership additions are intended to support the company’s next phase. “These gentlemen add significant new dimensions to the company,” Wright said in a statement.
Cogan succeeds Wright, who served as interim president after the company terminated former CEO Kevin Jones in July. Jones remains a member of Greenway’s board, according to the company’s announcement at the time.
The new CEO brings more than two decades of global leadership experience across the energy, engineering, and technology sectors. Cogan spent more than 20 years at PricewaterhouseCoopers LLP, where he served as a partner in Digital Assurance and Transparency from 2003 to 2022, according to the company.
Biles is a founding member of Biles Wilson PLLC and has represented publicly traded and privately held companies in complex litigation matters, including intellectual property, antitrust, environmental disputes, securities fraud, breach of fiduciary duty, and employment-related litigation.
Before launching Biles Wilson, he was a partner at several large law firms as well as a boutique litigation firm, the company said.
Recent market and business moves
On Friday, Greenway announced that it signed a non-binding term sheet with Swift Creek LLC tied to a potential early commercial application of its technology.
Under the proposed terms, Swift Creek would purchase a Greenway G-Reformer unit and a Fischer-Tropsch unit designed to produce a minimum of five barrels per day of liquid fuels at a site to be determined. The expected purchase price is $16 million, with Greenway retaining a 20% share of production offtake, according to the company.
The term sheet also contemplates Swift Creek acting as a representative for Greenway in identifying and marketing potential customers for its systems. Greenway said it expects to negotiate definitive agreements by the first quarter of 2026.
“We are excited for our shareholders as we move our focus from pre-revenue (R&D) to commercialization,” Cogan said in a statement. The new CEO said Greenway’s approach is centered on converting natural gas into usable products at or near the point where the gas is produced, rather than relying on centralized facilities or long-distance transport.
Because natural gas is widely available, Cogan said the company believes on-site conversion is key to making gas-to-liquids systems economically viable, particularly in locations where gas might otherwise be flared or stranded.
Greenway has also continued to research gas-to-hydrogen applications, Cogan said, noting that while hydrogen can be produced efficiently from natural gas, transporting or liquefying it remains costly. As a result, the company is exploring configurations that prioritize liquid outputs, including methanol, which can be easier to transport and store.
Michael Stopp, managing partner of Swift Creek, said his firm’s interest in Greenway’s technology has grown alongside recent leadership changes.
“Over the past 18 months, I’ve gained tremendous confidence not just in the technology itself, but also in the evolving leadership at Greenway,” Stopp said. He added that the reformer systems could be particularly relevant in areas with limited infrastructure, including regions with stranded natural gas resources.
Greenway said it operates through its wholly owned subsidiary, Greenway Innovative Energy Inc. Its patented G-Reformer and H-Reformer technologies are intended to enable conversion of natural gas into usable products at or near the point of production.
In June, Greenway uplisted its shares from the OTC Pink Market to the OTCQB Venture Market, where it continues to trade under the ticker symbol GWTI.
Quincy Preston contributed to this report.
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