UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On October 13, 2023, Greenway Technologies, Inc., a Texas corporation (“GWTI”) entered into a Letter of Intent (“LOI”) with GME Hydro LP (“GME”), a Limited Partnership registered in the State of Pennsylvania. Certain conditions under the LOI were met on October 20, 2023, which required the filing of this Form 8-K.
Under the LOI, GWTI will manufacture and deliver two patented GWTI G-Reformer units to GME for the purpose of converting natural gas (“CH4’) to hydrogen (“H2”) for use in an electrical power generation system.
GWTI’s two G-Reformer units are configured to produce approximately 10,800 Kg of carbon-free hydrogen to fuel reciprocating electrical generators sufficient to generate 10 Megawatts of electricity.
GME will purchase, install and operate the two G-Reformer units at its facility, where it has access to on-site pipelines and renewable natural gas. By combining incoming natural gas with 25% renewable natural gas, the project is expected to eligible for Federal Clean Air Act Credits.
GME will deploy GWTI’s proprietary technology to achieve it goal of a low-cost onsite clean hydrogen production solution with no atmospheric carbon, as G-Reformer units are compatible with processes that separate carbon from its only production bi-product, CO2. The liquified carbon will be sold to provide additional revenue and offset operating costs.
In conjunction with the execution of the LOI, GME has elected to make an investment in GWTI through the purchase of restricted stock.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Greenway Technologies, Inc. | ||
| By | /s/ Ransom B. Jones | |
| Ransom B. Jones | ||
| Chief Financial Officer | ||
| Date: October 20, 2023 | ||
Cover |
Oct. 20, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 20, 2023 |
| Entity File Number | 000-55030 |
| Entity Registrant Name | GREENWAY TECHNOLOGIES, INC. |
| Entity Central Index Key | 0001572386 |
| Entity Tax Identification Number | 90-0893594 |
| Entity Incorporation, State or Country Code | TX |
| Entity Address, Address Line One | 1521 North Cooper Street |
| Entity Address, Address Line Two | Suite 205 |
| Entity Address, City or Town | Arlington |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 76011 |
| City Area Code | 561 |
| Local Phone Number | 809-4644 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common |
| Trading Symbol | GWTI |
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