We are very excited to receive this stamp of approval by the government to continue our Permian Basin H2Hub initiative.” “On December 27, 2022, we received the decision by the DOE to proceed to the formal application stage in April 2023. Trans Permian H2Hub filed on November 5, 2022, announcing its formation and the filing of its Concept Paper for the regional hub Trans Permian H2Hub, LLC and to apply for DOE funding. Hanks, President and CEO of MMEX Resources Corp and sponsor of the Trans Permian H2Hub said: The DOE will select six to 10 regional hydrogen hubs with a preferred DOE investment for each hub in the range of $500 million to $1 billion with 50% of the amount funded by outside sources.” This $8 billion effort will catalyze investment in the development of H2Hubs that demonstrate the production, processing, delivery, storage, and end-use of clean hydrogen, in support of the Biden Administration’s goal to achieve a carbon-free electric grid by 2035 and a net zero emissions economy by 2050.
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