Reformed Energy, a Waste-to-Energy Company, Secures Strategic Investment from Riot Platforms
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.
