HyOrc Restructures Portugal Joint Venture Following €6.7 Million STEP Grant Approval
HyOrc (HYOR) restructured its joint venture with Portuguese partner MO.RE.DA.
Rhea-AI Summary
HyOrc (HYOR) restructured its joint venture with Portuguese partner MO.RE.DA. Oils, limiting HyOrc’s funding obligation to the initial commercial green methanol module in Portugal. This module is designed to produce about one tonne per day of green methanol from three tonnes per day of refuse-derived fuel and is already fully funded.
The joint venture will finance subsequent expansion phases. The restructuring follows approval of €6.7 million in non-dilutive funding under the EU’s Strategic Technologies for Europe Platform (STEP) for the next phase, targeting about 35 tonnes per day of RDF input and eight tonnes per day of green methanol output.
Factory testing of the complete initial system is targeted for completion by the end of September 2026, after which the modular system is expected to ship to Portugal for installation and commissioning at HyOrc’s first commercial RDF-to-green-methanol facility in Porto.
Positive
- JV restructure limits capital outlay, with HyOrc funding only the initial module
- Initial commercial module fully funded for one tonne per day green methanol output
- €6.7 million STEP grant approved as non-dilutive funding for the next Portugal phase
- Expansion design capacity of about 35 tonnes per day RDF to eight tonnes per day green methanol
- Clear near-term milestone with factory testing targeted for completion by end of September 2026
Negative
- None.
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HOUSTON, Sept. 02, 2026 (GLOBE NEWSWIRE) -- HyOrc Corporation (OTCQB: HYOR), an integrated clean energy infrastructure and technology company, today announced the completion of a revised joint venture structure with its Portuguese partner, MO.RE.DA. Oils, Lda., significantly reducing HyOrc's capital requirements for the expansion of its green methanol operations in Portugal.
Under the revised structure, HyOrc's funding obligation is limited to the initial commercial module, designed to produce approximately one tonne per day of green methanol from three tonnes per day of refuse-derived fuel (RDF). HyOrc's obligation for this initial module is already fully funded.
Responsibility for financing subsequent expansion phases will rest with the joint venture.
The restructuring follows the approval of
“Together, the STEP grant approval and the restructured joint venture materially reduce our capital requirements for scaling Portugal,” said Reginald Fubara, Chief Executive Officer of HyOrc Corporation. “We’ve addressed the expansion financing question without dilution to shareholders, and our focus now turns to delivering our first commercial module.”
Next Milestone
HyOrc's initial one tonne-per-day methanol module is currently undergoing final preparation and pre-assembly. Factory testing of the complete system is targeted for completion by the end of September 2026, providing the final validation step before deployment.
Following successful factory testing, the modular system will be prepared for shipment to Portugal shortly thereafter, where installation and commissioning will begin at the Company's first commercial green methanol facility.
The Porto project represents the first commercial deployment of HyOrc's RDF-to-green-methanol technology, converting non-recyclable waste into synthesis gas and subsequently into green methanol.
About HyOrc Corporation
HyOrc Corporation (OTCQB: HYOR) develops and commercializes patented hydrogen-capable combustion and waste-to-fuel systems for the shipping, rail, and off-grid power sectors.
Website: www.hyorc.com Press Contact: comms@hyorc.com
Forward-Looking Statements
This release contains forward-looking statements under Sections 27A and 21E of the Securities Acts of 1933 and 1934. These statements involve risks and uncertainties that may cause actual results to differ materially. Factors are described in Company filings with the SEC. The Company undertakes no obligation to update such statements.
