MMEX Resources Corporation (OTCPK: MMEX) stock was failing at the previous close as it sank -13.77% to $0.0166. The stock recorded Volume of 1,458,616,354 against the 30-day Average Volume of 613,204,959. During the last 52-week period the stock value ranged from $0.0001 to $0.0249.
What does the company do?
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MMEX Resources Corporation (MMEX) is an exploration and production company specializing in oil and gas exploration, accumulation, refinement, refining, transmission, distribution and storage. Texas, Peru, and other South American countries are the primary markets of MMEX. The company acquires, develops, and finances energy and energy-related projects in these countries. MMEX headquarters in the Fort Stockton, Texas, where it was founded in 2009.
MMEX Resources recently announced its intentions to develop solar energy in Texas to power several proposed hydrogen and ultra-low sulfur fuel development projects combined with the capture of carbon dioxide (CO2).
Jack W. Hanks, President and CEO of MMEX Resources Corp., confirmed that the firm is switching to renewable energy usage and development in an updated business strategy. The business plans to add to the renewable energy solution by supplying solar power to produce hydrogen along with capturing carbon and by manufacturing hydrogen along with ultra-low sulfur transport fuels in the interim for the transition to the hydrogen economy.
The company is planning if multiple solar power projects in its West Texas area serve multiple locations in Texas. As previously announced, in 2018, the group founded MMEX Solar Resources, LLC to build a solar power project to provide its proposed refining ventures with potentially renewable solar power. The company is now changing its proposed refining projects to manufacture ultra-low sulfur fuel goods, possibly hydrogen, combined with CO2 capture.
Furthermore, MMEX has entered initial proposals to lease or obtain multiple properties allowing it to build additional solar power megawatts for distribution in Texas. Initial talks are still ongoing to secure new additional plant sites for hydrogen projects in East Texas, the ship channel sector of Houston and the area between Corpus Christi and Rockport.