On the heels of a successful test of its technology, Greenway Innovative Energy Inc. announced that it is talking with several oil and gas companies about joint venture project funding for the company’s first gas-to-liquid plant.
Greenway Innovative Energy is a wholly-owned subsidiary of Greenway Technologies Inc. of Fort Worth.
The successful gas-to-liquid test was conducted at the Conrad Greer Laboratory at the University of Texas at Arlington. Greenway fully funded the laboratory, which held a ribbon cutting ceremony in June.
The company said it is in talks to establish business agreements necessary to commission a GTL plant that will produce between 125 and 500 barrels per day of fuel.
Greenway “is working with multiple interested parties and we are optimistic that a formal agreement will be consummated within the next few months.”
According to the news release, a joint venture project arrangement would be expected to provide the Greenway company with funding between $20 million and $50 million with an ongoing profit sharing arrangement.
Greenway Innovative Energy President Ray Wright said the plant specification is for at least a 20-year continuous operation at a brownfield site to which the company has contractual rights, and that offers an economically viable methane supply.
A brownfield site is any land in the U.S. that is abandoned, idled, or under used because redevelopment and/or expansion is complicated by either real or perceived environmental concerns, according to the U.S. Environmental Protection Agency.
In addition to producing high-cetane diesel, the plant also will produce water and electricity during the 20-year life of the agreement. Greenway said that both water and electricity have significant economic and environmental value.
GIE’s breakthrough, patented, gas-to-liquid system allows for scalable plants to be deployed at geographically diverse locations to harvest and monetize natural gas profitably.
GREENWAY SYNTHESIZES LIQUID OIL FROM GAS
Wright said that Greenway “is working with multiple interested parties and we are optimistic that a formal agreement will be consummated within the next few months,” but that there is no assurance that the current negotiations will result in an arrangement.
Greenway synthesizes the liquid oil from gas, using its proprietary technologies.
The conversion process was perfected by Fred MacDonnell, professor and chair in UTA’s Department of Chemistry and Biochemistry, and Brian Dennis, professor in the Department of Mechanical and Aerospace Engineering.