At the previous Close on Friday, MMEX Resources Corp’s [MMEX] shares plummeted 37.17% to $0.0049. 1.96 Billion shares have been traded, compared to 1.24 billion shares on a 30-day average. Stock levels ranged from $0.001 to $0.0249 during the last 52-week period.
This company was formed to explore, extract, refine and distribute oil, gas, petroleum products, and electric power. MMEX focuses on developing, financing, and acquiring oil and gas projects in Texas, Peru, and others in Latin America.
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WHAT HAPPENED RECENTLY
Feb. 08, 2021, MMEX Resources Corp. (OTCPK: MMEX) revealed it intends to develop solar power to power a series of projects that will produce hydrogen and low-sulfur fuels in combination with CO2 capture in Texas.
Managing Director and President of MMEX Resources Corp., Jack W. Hanks, said in a statement after the news that MMEX Resources Corp. is launching a revised business plan moving the company toward sustainable energy production. This company plans to contribute to the hydrogen economy by making ultra-low sulfur transportation fuels and hydrogen while making solar power to produce hydrogen with carbon capture.
Two different technologies are being discussed by MMEX with third parties: natural gas and the other using light oil and condensates from the Permian. A European co-developer is in negotiations to finance and develop an advanced hydrogen plant at the MMEX Pecos County, Texas site, run with steam methane reforming and carbon capture and storage technology, using the hydrocarbon gas feedstock.
The MMEX is also hosting discussions about an additional plant in Pecos County with another technology provider, Polaris Engineering, which will utilize light oils and condensates from the Permian Basin to produce ultra-low sulfur diesel, renewable diesel, and gasoline.
Global warming and recent extreme weather events have contributed to the concern over climate change, which has resulted in renewable energy being slowly incorporated into the energy mixes of numerous countries. Recent events appear to be a catalyst for changes to occur at an even faster pace, leading to outperformance in areas formerly thought to be a niche.