This strategic investment will seed the development of a
pilot site, while also accelerating the long term objective of
being the premier platform for turning the world's waste into fuels
and power.
HOUSTON, March 12,
2024 /PRNewswire/ -- Reformed Energy Inc., a
Texas corporation, announced today
that it has secured a strategic investment from Riot Platforms,
Inc. ("Riot"), marking a significant milestone for the company as
it seeks to bring its unique plasma gasification technology to
full commercialization.
By processing solid and liquid waste streams in its closed
plasma gasification system, Reformed Energy can effectively prevent
over 99% of the methane emissions and pollution that occurs with
traditional waste disposal methods while reducing the physical
volume of waste by about 90%. This process yields a versatile
synthesis gas that can be utilized downstream for sustainable power
generation and synthetic fuel production. In short, the company's
unique technology has the ability to clean up existing landfills
and reduce incoming waste streams. The self-contained system does
not require grid interconnection and generates carbon neutral power
while actively reducing existing methane emissions.
This investment provides Reformed Energy with the capital to
begin the development of its pilot site, where municipal solid
waste (MSW) will serve as the primary waste stream for generating
sustainable power for its initial operations. In addition to MSW,
Reformed Energy plans to incorporate tires, wood waste, industrial
sludges, among other waste streams into its waste-to-energy
processes.
Upon the successful completion of the pilot site development,
the site will serve as a training and demonstration center for
parties seeking to leverage Reformed Energy's technology.
Subsequent sites will be considered for development once the pilot
site achieves operational scale, commencing our growth journey
towards producing synthetic fuels including sustainable aviation
fuel ("SAF") and providing cheap power to potential power offtake
customers, in a mass commercial scale format.
The Reformed Energy team's background spans research and
development in plasma gasification, oil & gas, energy, and
Bitcoin mining.
"This investment will be a key driver of our initial
growth plan," said Edward Evenson,
CEO of Reformed Energy, "We are confident that our technology
offers a sustainable means to reduce waste at landfill sites while
generating a synthesis gas with versatile applications, such as
producing low-cost power for data centers and synthetic fuels. We
are excited to embark on this groundbreaking initiative with the
world's leading public bitcoin mining company, Riot
Platforms."
"Riot's investment and strategic partnership with Reformed
Energy is an exciting opportunity to refine a transformative new
source of energy," said Jason Les, CEO of Riot. "This investment
amplifies Riot's vertically integrated strategy, providing us with
a direct source for clean, renewable power generation to be used in
future Bitcoin mining facility development. The low
fixed-cost, carbon-neutral energy that Reformed Energy's technology
will generate is also a clear demonstration of how
Bitcoin mining incentivizes innovation and development
of new renewable sources of energy."
About Reformed Energy Inc.
Reformed Energy Inc.'s
vision is to furnish the world with abundant energy from waste. We
are a waste-to-energy company leveraging our proprietary plasma
gasification technology to convert solid waste streams into power
and synthetic fuels. A focus on efficiency and scalability drives
our solution to the growing global waste problem.
Reformed Energy operates out of Houston, Texas with engineering and
manufacturing in the USA.
For more information, visit www.reformedenergy.com .
About Riot Platforms, Inc.
Riot's (NASDAQ: RIOT)
vision is to be the world's leading Bitcoin-driven
infrastructure platform. Our mission is to positively impact the
sectors, networks, and communities that we touch. We believe that
the combination of an innovative spirit and strong community
partnership allows the Company to achieve best-in-class execution
and create successful outcomes.
Riot is a Bitcoin mining and digital infrastructure
company focused on a vertically integrated strategy. The Company
has Bitcoin mining operations in central Texas and electrical switchgear engineering
and fabrication operations in Denver, Colorado. For more information,
visit www.riotplatforms.com.
Safe Harbor
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities and
Exchange Act of 1933, as amended, and Section 21E of the Securities
and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties. Although Reformed Energy Inc. believes that the
assumptions underlying the forward-looking statements contained
herein are reasonable, any assumption could be inaccurate, and
therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to
be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein,
the inclusion should not be regarded as a representation by
Reformed Energy Inc. or any other person that the objective
and plans of Reformed Energy Inc. will be achieved.
Media contact:
Edward Evenson
edward@reformedenergy.com
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SOURCE Reformed Energy Inc.