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Verde Clean Fuels (NASDAQ: VGAS) reported a GAAP diluted net loss per share of $(0.13) for Q1 2024, primarily due to general, administrative, and R&D expenses. The company continues to develop its first commercial facility using proprietary STG+® technology, aimed at converting syngas into gasoline from waste feedstocks. Verde is part of a DOE-funded consortium studying zero-emission methanol production, with a total project funding of up to $500,000. Financials show decreased general and administrative expenses compared to Q1 2023 but an increased net loss attributable to Verde shareholders. As of March 31, 2024, Verde's total assets stood at $30.05 million with total liabilities at $3.1 million.
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CENAQ Energy Corp. (NASDAQ: CENQ) has provided updates on its merger with Bluescape Clean Fuels. The integration will leverage the Inflation Reduction Act of 2022's incentives for green hydrogen production, allowing the future company, Verde Clean Fuels, to utilize 66% less feedstock while maintaining gasoline output. The anticipated production tax credits could generate $20 million annually. Discussions are ongoing for green hydrogen supply partnerships to support Verde's operations, including its Maricopa, Arizona facility.