Viking Energy Group, Inc. (OTCMKTS: VKIN), a diversified green energy company, is positioned as an ‘industry leader’ helping commercial and industrial companies reduce their carbon footprint.
VKIN has secured an license agreement for IP with ESG Clean Energy LLC (ESG) regarding stationary electric power generation and capturing carbon dioxide. The agreement is exclusive in Canada and non-exclusive for 25 locations in the U.S.
James Doris, president and CEO, says, “In my view this transaction positions us as industry leader in terms of being able to assist with the power generation needs of commercial and industrial organizations while at he same time helping them reduce their carbon footprint to satisfy regulatory requirements or to simply follow best ESG-practices.”
He added, “We are excited to be able to use the platform of Simson-Maxwell, Ltd., our recently-acquired majority-owned subsidiary, to promote the ESG Clean Energy System.”
Detailed are included in the Company’s form 8-K filed with the SEC.
VKIN is a growth-oriented energy energy company. It provides custom energy solutions to commercial and industrial clients in North America. VKIN is Houston-based. Through various subsidiaries, it owns oil and gas interests in the U.S. It also holds operations in Canada through its majority-owned subsidiary Simson-Maxwell Ltd.
In Q2, VKIN reported higher volume of $10.69 million. It also grew its current asset base to $13.31 million. Its net loss dropped dramatically to $9.85 million. Adjusted EBITDA for the Company in Q2 was $4.29 million.
James Doris, president and CEO of VKIN, commented that the organization of Simson-Maxwell, Ltd., ‘strengthened” the organization.
More recently, it has agreed to acquire in a Membership Interest Purchase Agreement 100% interest in a group of companies in the process of bringing to commercial operations a Reno, Nevada plant designed to produce renewable diesel fuel.
The main part of the plant is 95% complete and a pre-treatment unit under construction within the plant is 30% complete, the Company says.The fuel is designed to process biofuel that is chemically the same as petroleum diesel fuel.
The Reno facility is capable of producing 43 million gallons per year, according to estimates. Renewable diesel is made from renewable feedstocks instead of crude oil.
Be sure to put VKIN stock on your radar.
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