HyOrc Restructures Portugal JV After €6.7 Million STEP Grant

Corporate Action
โดย GlobeNewswire·PT·Read original
Summary · why it matters

HyOrc Corporation announced a revised joint venture structure with its Portuguese partner MO.RE.DA. Oils, Lda., limiting HyOrc's funding obligation to the initial commercial module, which is already fully funded, while the JV will finance subsequent expansion phases. This follows approval of €6.7 million in non-dilutive funding under the EU's STEP platform for the next phase, designed to process 35 tonnes per day of refuse-derived fuel into eight tonnes per day of green methanol. CEO Reginald Fubara said the restructuring reduces capital requirements without shareholder dilution. The initial one-tonne-per-day module is undergoing final preparation, with factory testing targeted by end of September 2026 before shipment to Porto, marking the first commercial deployment of HyOrc's RDF-to-green-methanol technology.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 2

HyOrc CorporationPrivate▲ Positive
CapitalTechnologyrelevance

Restructured JV limits HyOrc's funding obligation to the already-funded initial module, reducing capital needs without dilution

MO.RE.DA. Oils, Lda.Private▲ Positive
Capitalrelevance

MO.RE.DA. is HyOrc's Portuguese JV partner benefiting from the restructured JV and €6.7M STEP grant funding for expansion

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