A small Texas-based company has just announced it intends to develop solar energy to power multiple planned projects producing hydrogen and ultra-low sulfur fuels combined with carbon dioxide capture in Texas. MMEX Resources Corp (OTCPK:MMEX) is stepping out of their comfort zone from their normal operations and modifying their business to move into the clean energy use and production space.
MMEX is a resource development company. Principally, it is engaged in exploration, extraction, refining, and distribution of oil, gas, petroleum products and electric power projects in Texas, Peru, and other countries in Latin America. The company intends to build crude oil refining facilities in the Permian Basin in West Texas.
It also focuses on operations of around 10,000 bpd distillation unit that will produce a non-transportation grade diesel for sale in the local market for drilling frac fluids, along with naphtha and residual fuel oil to be sold to other refiners.
Traders seem to be excited on the news as shares hit an early session high of $0.0024/share (+71.4%) following the headline. This move is a strong continuation of the success the stock has had over the last month.
