Royalty II Machine Targeted to Commence Generating Revenues in April
LAS VEGAS, NV / ACCESSWIRE / March 4, 2020 / Vivakor, Inc. (OTC PINK:VIVK), a clean energy technology and asset acquisition company, is pleased to announce it has completed the deployment of its second Clean Energy Remediation Processing Center (RPCII). The system has been installed in Vernal, Utah and has started the quality control processing phase of its production.
In this quality control phase, RPCII will conduct small batch runs to test end product. This processing stage is expected to last approximately 30 days, with full commercialization to begin afterwards as revenue is expected to ramp over the subsequent months to 700 tons of material a day for an average of 250 barrels.
The RPCII was financed via an opportunity zone royalty offering that closed October of 2019. Once the quality control phase has been completed, the clean energy system will reach a processing capacity of 20 tons per hour, or a minimum of 250 barrels per day of hydrocarbon material. The product produced in Utah will be commercialized as both an asphaltic cement for roadway applications, as well as other synthetic crude products. Depending on commodity pricing and service fees, the RPC’s can generate potentially anywhere from $4 to $6 million in top line revenue per year, per machine. The company now has two machines in production, with one in Kuwait and one in Utah, and subject to financing, has the capacity to build as many as 10 RPC’s per year in the existing Opportunity Zone facility.
“This is a very important milestone in the Company’s business plan as we move to continue financing and deploying our clean energy Remediation Processing Centers worldwide,” stated Vivakor Chief Executive Officer Matt Nicosia “This system marks the only scaled, continuous-feed oil sands processing in Utah. Furthermore, the post-processed sands were independently tested and demonstrated to have less than 0.05% remaining hydrocarbons. To date, we are the only company able to meet such standards. Now with our scaled RPCII, we will continue to create jobs in rural Utah, and monetize this valuable asset in the state”.
About Vivakor, Inc.
Vivakor, Inc. (VIVK), a technology and asset acquisition company with a focus in the area of natural resources. Vivakor’s corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that produce solid returns to its valued shareholders and partners. The company currently focuses on bitumen (heavy crude) extraction from shallow, oil-laden areas in Eastern Utah, along with petroleum based remediation projects across the globe. The technologies utilized are low-cost, proprietary and proving themselves industry disruptive when measured by a number of important factors. The general business model has been to be an acquisition hub, focused on building and acquiring cash-flowing assets in discrete areas that have an acknowledged technological advantage and enable a substantial market opportunity within significant target markets across the globe. Our research, and the technology we acquire are anchored by our relationships with synergistic partners and product-specific commercialization strategies. From the point of product or technology conception, or through acquisition, development and commercialization, we expect to have strategic partners, joint ventures or licensing arrangements in place for many of our products in order to sustain revenue attainment.
For more information, please visit our website: https://vivakor.com
This news release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor’s filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.