STOCK TITAN

MetaWorks Wholly Owned Subsidiary EnergyWorks Engages Waste to Energy Services Provider to Manage Site Operations

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

MetaWorks Platforms announced an agreement with EnergyFX to manage waste-to-energy conversion site operations as the company prepares for commercialization in Q4 2024. MetaWorks aims to tackle plastic waste issues, partnering with EnergyFX, which brings 25 years of operational and environmental experience. The partnership aims to build a sustainable and profitable business addressing plastic waste in the US. MetaWorks is in discussions with several potential site locations and feedstock providers, with further details to be disclosed as projects materialize.

Positive
  • MetaWorks has entered into an agreement with EnergyFX to manage site operations, enhancing its operational capabilities.
  • Commercialization is expected to begin in Q4 2024, providing a clear timeline for investors.
  • EnergyFX brings over 25 years of operational and environmental experience, a significant asset for MetaWorks.
  • The partnership aims to create a sustainable and profitable business model, addressing the significant issue of plastic waste.
Negative
  • No concrete financials were disclosed, leaving some uncertainty about the project's immediate financial impact.
  • The commercialization timeline is set for Q4 2024, meaning short-term investors might not see immediate gains.
  • Dependence on discussions with potential site locations and feedstock providers introduces risk if these negotiations do not materialize.

Company in Talks With Several Site & Distribution Partners

Fairfield, CA., June 10, 2024 (GLOBE NEWSWIRE) -- MetaWorks Platforms, Inc. ("MetaWorks" or the "Company"), (OTCQB: MWRK), an award-winning future technology company that operates in the Greentech, Web3 and the AI space, today announced that it has entered into an agreement with New Jersey based EnergyFX, LLC to manage its day to day waste to energy conversion site operations as the company prepares for commercialization in 2024 Q4..

MetaWorks President Scott Gallagher stated, “We’re thrilled to enter into this agreement with the team at EnergyFX (EFX). With this agreement now in place we have locked down both the operational and business model economics of our plans as we prepare to launch our first waste to energy project by Q4 of this year. The amount of plastic that is ending up in the ocean is just shocking and needs to end. The EFX team brings over 25 years of operational and environmental experience to our Company and we look forward to building a sustainable and profitable business together that addresses this massive problem of plastic waste in the US.” Gallagher continued, “ We are in talks with several potential site locations and feedstock providers and will disclose further information regarding those projects as they materialize.”

EnergyFX founder and CEO W. Scott McBride stated,” The partnership between MetaWorks/EnergyWorks and Fog Dog is very exciting to us. They are addressing a real world problem with a real world solution that has the potential to make a significant impact on the question of what to do with plastic waste. We are confident we can profitably execute our operational site plan based on the machine designs and project layouts we have discussed and reviewed with the EnergyWorks and Fog Dog management.”

Estimates of how much plastic enters the ocean each year vary, but some say it's up to 33 billion pounds:

Oceana USA

Estimates that 33 billion pounds of plastic enter the ocean each year, which is roughly equivalent to dumping two garbage trucks full of plastic into the ocean every minute

Surfers Against Sewage

Estimates that 12 million tonnes of plastic enter the ocean each year, with 9.5 million tonnes coming from land and 1.75 tonnes from the fishing and shipping industries

Our World in Data

Estimates that between 1 and 2 million tonnes of plastic enter the ocean annually, which is about 0.5% of the world's plastic waste

Company Contact:

Scott Gallagher, President
(727) 417-7807
scott@metaworksplatforms.io

About MetaWorks Platforms, Inc.

MetaWorks Platforms, Inc. ("MetaWorks" or the "Company"), (OTCQB: MWRK), is an award-winning, future technology company that operates in the Web3, AI and GreenTech space. The Company develops and leverages future technologies like Blockchain, AI, Web3 Tech and Green Tech to build products, platforms and businesses that solve real world and future technology problems. MetaWorks Platforms trades on the OTCQB market, over the counter, under the ticker symbol: MWRK. MetaWorks is an SEC exchange act, fully reporting company.

For more information on MetaWorks Platforms, please visit us at www.MetaWorks.ai and our wholly owned subsidiary EnergyWorks, Inc. at www.EnergyWorks.Tech For additional investor or financial information visit www.SEC.gov.


FAQ

What is MetaWorks' latest partnership announcement about?

MetaWorks announced a partnership with EnergyFX to manage its waste-to-energy conversion site operations, preparing for commercialization in Q4 2024.

Who is MetaWorks partnering with for their waste-to-energy project?

MetaWorks is partnering with New Jersey-based EnergyFX for managing waste-to-energy conversion site operations.

When is MetaWorks planning to commercialize their waste-to-energy project?

MetaWorks plans to commercialize their waste-to-energy project in the fourth quarter of 2024.

What experience does EnergyFX bring to the MetaWorks partnership?

EnergyFX brings over 25 years of operational and environmental experience to the MetaWorks partnership.

What problem is MetaWorks aiming to address with their new project?

MetaWorks aims to address the significant issue of plastic waste in the ocean through their waste-to-energy project.

MetaWorks Platforms, Inc.

OTC:MWRK

MWRK Rankings

MWRK Latest News

MWRK Stock Data

1.46M
96.34M
19.95%
Tobacco Manufacturing
Manufacturing
Link
United States of America
Fairfield