GWTI SIGNS NEW SRA AS PART OF THEIR PATENT AGREEMENT WITH UTA

ARLINGTON, Texas, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTC: GWTI), (“Greenway”), an advanced gas-to-liquids (“GTL”) and gas-to-hydrogen (“GTH”) technology development company, announces that it has signed a new Sponsored Research Agreement (SRA) with the University of Texas-Arlington (UTA) as part of their existing mutual patent agreement.

The agreement between Greenway and UTA, an SRA, outlines and defines specific tasks to be performed by UTA on behalf of Greenway. The agreement also upgrades GWTI’s patent rights for discoveries made under the SRA. UTA agrees to research Greenway’s GTL and GTH products and provide the research to Greenway, including all patent rights and other discoveries made due to the ongoing research. In addition to tasks to be performed, the SRA defines a specific time frame for work on each task and a particular expectation of completion unless the activity is continuous throughout the contract's life. The contract also breaks out budgetary guidelines for each task for the contract term. Items include maintenance and operation of equipment in the Greer Lab at UTA and specific research projects leading to new features and improvements of Greenway’s current and future products. The SRA also provides ongoing consultation with Greenway employees and consultants, plus support interacting with clients. The contract is for a period of 1 year and expires June 1, 2025. Greenway signed a patent agreement with UTA in 2021, in which the SRA is a standard ongoing agreement that is redefined each year, spelling out the next year's research programs. This ongoing agreement defines the patent rights for those patents created from work done under the SRA at UTA. Specifically, all patents become Greenway's property, and all rights are assigned to Greenway based on this agreement. Together, the agreements provide a continuous flow of work that leads to new products and features and protects Greenway’s intellectual property rights for its stockholders.

Based in Arlington, Texas, the Company, through its wholly-owned subsidiary, Greenway Innovative Energy, Inc., is researching and developing proprietary GTL and GTH systems in association with The University of Texas at Arlington. These relatively small systems can be scaled to meet the natural gas supply wherever it is available. The Company’s patented technology has been integrated into its commercial G-Reformer unit. This unit is the core of a system that can be used to make hydrogen (GTH) or, when combined with a Fischer-Tropsch unit, liquid fuels (GTL), including diesel fuel blend stock, with an associated variety of valuable long-chain hydrocarbon chemicals or methanol. In addition to a robust return on investment, the systems solve a critical problem by enabling conventional transportation of the liquid offtake or by creating hydrogen at the point of consumption. More specifically, GTL can convert stranded gas to a liquid that can be removed by truck or rail, eliminating the need for a pipeline where none exists. For GTH, hydrogen can be created at the point of use, removing the costly need to compress and transport centrally created hydrogen. Finally, the unit does this in either case with unequaled efficiency and no airborne carbon emissions.