EMPIRE DIVERSIFIED ENERGY CLOSES $10 MILLION FINANCING FOR FINAL COMMISSIONING OF RECYCLING PLANT IN WEST VIRGINIA

Rhea-AI Summary

Empire Diversified Energy (OTC Pink: MPIR) has secured financing of up to $10 million through its subsidiary Empire Green Generation (GreenGen) for a recycling plant in West Virginia. The initial draw was $4 million from the total authorized amount.

The GreenGen facility, located at the Empire Riverfront Industrial Complex in Follansbee, will convert waste plastics into pyrolysis oils using proven technology. The plant is designed to recycle 70 metric tons of plastic per day and will generate 1.4 MW of electricity from syngas for its operations.

The facility benefits from multi-modal logistics infrastructure access at the Port of West Virginia. The company expects the commissioning process to transition into full operations in the next quarter.

Positive

• Secured $10 million in financing with $4 million initial draw
• Plant capacity of 70 metric tons per day of plastic recycling
• Self-sustaining operation with 1.4 MW electricity generation
• Strategic location with multi-modal logistics access

Negative

• Plant not yet operational, still in commissioning phase

News Market Reaction

+9.09%

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+9.09% News Effect

On the day this news was published, MPIR gained 9.09%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

FOLLANSBEE, W.Va., Feb. 24, 2025 /PRNewswire/ -- Empire Diversified Energy, Inc. (OTC Pink: MPIR) (the "Company") is pleased to announce today that its wholly owned subsidiary, Empire Green Generation, LLC ("GreenGen"), has closed on its financing of up to $10,000,000, through the sale to an institutional investor of Solid Waste Disposal Facilities Revenue Bonds (Empire Green Generation, LLC Project) Series 2025, with the West Virginia Economic Development Authority (the "Financing").  Pursuant to the terms of the Financing, GreenGen's initial draw was $4,000,000 of the authorized $10,000,000.  

The GreenGen recycling plant provides an energy efficient, sustainable solution for waste plastics, using commercially proven technology to convert waste plastics into pyrolysis oils that are used as displacements for petroleum derived commodities, specifically to petrochemical refiners seeking a circular economy for non-biodegradable plastic waste. The parasitic load will be met through the generation of 1.4 MW of electricity from the plant's syngas. The operations are designed to recycle 70 metric tons per day of plastic by employing a sustainable and eco-friendly pyrolytic process.

GreenGen is located at the Empire Riverfront Industrial Complex, which provides advantaged access to multi-modal logistics infrastructure at the Port of West Virginia, in Follansbee, West Virginia.

Frank Rosso, Empire's Chief Executive Officer, stated: "We are very thankful for our lender's continual support as we expand our recycling and sustainability efforts at the Port of West Virginia.  We believe Empire Green Generation will set the standard for waste-to-energy recycling plants in the United States.  I want to thank our entire Empire team for their tireless commitment over the past three years bringing this vision to commercial viability. We will continue to provide updates to all of our stakeholders as the commissioning process transitions into full operations in the next quarter."

About Empire Diversified Energy, Inc.

Empire Diversified Energy, Inc. is a multifaceted holding company with business units in the sustainable energy and logistics sector. Empire's primary location is in Follansbee, West Virginia where it operates the Port of West of Virginia, within its Eco-Industrial Complex. The Complex is geographically located along the Ohio River where it serves the crossroads of the East Coast and Midwest through its trimodal facility. Empire is currently deploying a host of innovative proven technologies serving the pathway to clean energy generation. These business units will serve the transportation, waste, steel, warehousing, and other sectors, in an effort to help decarbonize the region.

Forward-looking Information

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 including the benefits of the project and the announcement of further details. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by the following words, including but not limited to: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond Empire's control) and assumptions that could cause actual results to differ materially from those anticipated. Although Empire believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the outcome or results, including but not limited to, market conditions, regulatory changes affecting our industry, supply chain disruptions, as well as those risk factors described from time to time by us in our filings with the U.S. Securities and Exchange Commission. Shareholders, potential investors, and other readers should carefully consider these factors and avoid placing undue reliance on these forward-looking statements.

Any forward-looking statement made by Empire in this press release speaks only as of the date on which it is made. Empire undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

For further information, please contact Empire Diversified Energy, Inc.'s Investor Relations: 954-332-2423 www.empirediversifiedenergy.com

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SOURCE Empire Diversified Energy Inc.

FAQ

What is the total financing amount secured by Empire Diversified Energy (MPIR) for its recycling plant?

Empire Diversified Energy secured financing of up to $10 million through Solid Waste Disposal Facilities Revenue Bonds, with an initial draw of $4 million.

What is the daily processing capacity of MPIR's GreenGen recycling plant?

The GreenGen recycling plant is designed to process 70 metric tons of plastic per day through a pyrolytic process.

When will MPIR's GreenGen recycling plant become fully operational?

According to the announcement, the plant is expected to transition from commissioning to full operations in the next quarter.

How much electricity will MPIR's GreenGen plant generate from syngas?

The plant will generate 1.4 MW of electricity from syngas to meet its parasitic load requirements.

Where is MPIR's new recycling facility located?

The facility is located at the Empire Riverfront Industrial Complex at the Port of West Virginia in Follansbee, West Virginia.