Greenway's $16M Deal: A Micro-Plant Play for the Clean Fuel Future

ARLINGTON, TX – December 12, 2025 – For a pre-revenue technology company like Greenway Technologies (OTCQB: GWTI), a single press release can represent a seismic shift. After more than a decade in research and development, the gas-to-liquids (GTL) specialist has announced a non-binding term sheet for its first commercial system sale—a $16 million deal with Swift Creek, LLC (SCL). This agreement is more than just a transaction; it's a calculated leap from the laboratory to the marketplace, testing a novel business model that hinges on small-scale production, high-value fuels, and a unique strategic partner.

Greenway's CEO, Doug Cogan, framed the announcement as the pivotal moment his shareholders have been waiting for, marking a move from R&D to commercialization. The term sheet outlines SCL’s purchase of a patented Greenway G-Reformer™ and Fischer-Tropsch unit, a micro-plant designed to produce at least five barrels of liquid hydrocarbons per day. While the volume seems minuscule, the strategy lies in the type of fuel produced and the partner chosen to deploy it. This move signals a crucial test of whether Greenway’s technology can find its footing in a complex and competitive energy landscape.

From Lab to Market: The High-Stakes Bet on Micro-GTL

At the heart of the deal is Greenway’s proprietary technology, which promises to convert natural gas into high-demand, cleaner fuels. The company has long touted its G-Reformer™ units as a solution capable of producing synthetic diesel, jet fuel, and methanol from various gas streams, including flared or stranded gas. The term sheet specifically highlights the potential for producing Sustainable Aviation Fuel (SAF) and renewable methanol, two products at the epicenter of global decarbonization efforts.

This product focus is critical to understanding the deal’s financial logic. The market for both SAF and renewable methanol is exploding, driven by stringent environmental regulations and corporate net-zero commitments. SAF currently commands a price two to five times that of conventional jet fuel, supported by government incentives like the U.S. tax credit of up to $1.75 per gallon. Similarly, the renewable methanol market is projected to grow at a compound annual rate exceeding 50%, with Cogan noting it is in “large demand at premium prices.”

By targeting these premium markets, Greenway hopes to make the economics of its small-scale plants viable. A five-barrel-per-day output is insignificant in the world of traditional energy, but if those five barrels consist of high-value products fetching substantial premiums, the revenue picture changes. The company's claim that its process can operate “without carbon generation into the atmosphere” is an ambitious one that will require independent validation, but it squarely targets the ESG-conscious capital and customers driving the clean fuel transition.

A Strategic Bridge to Untapped Resources

The choice of Swift Creek, LLC as a partner is arguably as important as the technology itself. SCL is a native and veteran-owned consultancy specializing in connecting technology providers with tribal nations to foster economic development. This status is not merely a footnote; it’s a strategic key. SCL’s identity potentially unlocks access to U.S. government subsidies, grants, and funds specifically earmarked for energy projects on tribal lands, which could significantly de-risk the $16 million capital investment.

Michael Stopp, Managing Partner of SCL, highlighted this unique fit, stating that Greenway’s technology is especially important for “Indian country” where tribes often possess abundant natural resources but lack the infrastructure to monetize them. The issue of “stranded natural gas wells”—reserves that are uneconomical to connect to pipelines—is a persistent challenge. A transportable, on-site GTL micro-plant that can convert this stranded gas directly into valuable liquid fuels like diesel or methanol offers a compelling solution for generating revenue and achieving energy sovereignty.

Stopp’s statement also pointed to another critical factor: leadership. His confidence, he noted, was built not just on the technology but also on “the evolving leadership at Greenway.” For a small-cap company transitioning into a commercial phase, such a vote of confidence from a key partner is invaluable. It suggests that SCL sees a viable long-term collaborator capable of executing on its promises, a crucial element for navigating the complexities of project development in underserved communities.

Deconstructing the $16 Million Deal

For investors and analysts, the financial structure of the deal warrants close scrutiny. A $16 million price tag for a five-barrel-per-day plant raises immediate questions about the return on investment. The viability of this micro-plant model depends on a confluence of factors: securing high-premium offtake agreements, maximizing operational efficiency, and, crucially, leveraging the government subsidies that SCL may help secure. Without those subsidies, the upfront capital cost appears steep for such a low production volume.

Furthermore, Greenway is not just selling a unit; it’s embedding itself in the project’s success by retaining 20% of the agreed offtake. This structure aligns interests and gives Greenway a direct stake in the plant’s output and profitability. It turns the company from a pure equipment vendor into a long-term partner with a recurring revenue stream, assuming the plant operates successfully. The agreement also positions SCL as a sales representative for Greenway, creating a channel for future system sales and market expansion, with SCL earning commissions for identifying new customers.

This initial deal serves as a critical proof-of-concept. If this first micro-plant can be deployed successfully and operate profitably in a tribal community, it creates a powerful case study. It would validate both the technology's performance and the unique partnership model, potentially unlocking a significant pipeline of similar projects in other areas with stranded gas resources.

The Long Road from Term Sheet to Revenue

While the announcement is a significant step forward, it is essential to maintain perspective. The agreement is a non-binding term sheet, with both parties aiming to negotiate definitive documentation by the first quarter of 2026. This period will be critical for finalizing all commercial, operational, and financial terms. Execution risk remains high, as moving from a letter of intent to a fully operational, revenue-generating asset is a path fraught with potential challenges.

For Greenway Technologies, this moment represents the culmination of years of quiet, painstaking work and the beginning of its most public and demanding chapter. The company must prove that its technology is not only innovative but also robust, reliable, and economically sound in a real-world application. The partnership with Swift Creek provides a unique and promising avenue to market, but the ultimate success will depend on turning the strategic vision outlined in this week’s announcement into tangible barrels of high-value fuel and, ultimately, sustainable revenue.