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Verde Clean Fuels ( (VGAS) ) has shared an announcement.
Verde Clean Fuels, Inc. announced a $50 million equity investment from Cottonmouth Ventures, LLC, a subsidiary of Diamondback Energy, Inc. This investment will see the purchase of 12.5 million shares of Verde’s Class A common stock, with the proceeds intended for developing natural gas-to-gasoline plants in the Permian Basin and general corporate purposes. Upon closing, Cottonmouth will become the second largest shareholder of Verde, enhancing Verde’s board with a Cottonmouth-designated director and observer. The investment signifies confidence in Verde’s technology to address economic and environmental issues related to flaring and stranded gas in the Permian Basin. This strategic partnership with Diamondback Energy aims to advance sustainable operational practices in the oilfield, supporting the clean energy transition.
More about Verde Clean Fuels
Verde Clean Fuels, Inc. is a clean fuels company that focuses on deploying its proprietary syngas-to-gasoline plus (STG+®) technology for the development of commercial production plants. The company converts syngas from diverse feedstocks, including biomass and stranded or flared natural gas, into fully finished liquid fuels that require no additional refining.
YTD Price Performance: 58.47%
Average Trading Volume: 10,995
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $119.9M
Find detailed analytics on VGAS stock on TipRanks’ Stock Analysis page.
