Sky Quarry Nears Completion of First Waste Asphalt Shingle Modular Facility

Rhea-AI Summary

Sky Quarry (NASDAQ: SKYQ) announces its first Waste Asphalt Shingle Modular Facility is 80% complete, with operations expected to begin in 2025 pending project financing. The facility is part of a planned nationwide network complementing Sky Quarry's PR Spring extraction site, which has a 2,000 barrels per day heavy oil capacity. Each modular unit can process 100,000 tons of asphalt shingle feedstock annually, addressing the 15 million tons of waste shingles generated yearly in the U.S. The initiative aims to unlock over 22 million barrels of energy potential annually through sustainable resource recovery.

Positive

• Facility construction is 80% complete, showing significant progress
• Each modular facility can process 100,000 tons of asphalt shingle feedstock annually
• PR Spring extraction facility has 2,000 barrels per day capacity
• Potential to unlock 22 million barrels of energy annually from waste processing
• Aligns with new regulatory requirements for construction waste recycling

Negative

• Operations commencement dependent on securing project financing
• Facility completion and operations delayed until 2025

News Market Reaction

+2.06%

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+2.06% News Effect

On the day this news was published, SKYQ gained 2.06%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

“Modular by Design” Facility to Ensure Rapid National Expansion and is Poised to Transform the U.S. Waste-to-Energy Landscape

WOODS CROSS, Utah, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (NASDAQ: SKYQ) ("Sky Quarry" or "the Company"), an integrated energy solutions company focused on transforming the waste asphalt shingle recycling industry, today announced construction of its first Waste Asphalt Shingle Modular Facility, designed to process waste asphalt shingles in regional markets, is currently 80% complete.

Completion of the first Waste Asphalt Shingle Modular Facility will mark a critical milestone in Sky Quarry’s mission to transform millions of tons of waste shingles headed to U.S. landfills into valuable, reusable resources. The final fabrication and mechanical updates are scheduled alongside the retrofitting at the PR Spring extraction facility in Utah, with operations expected to commence in 2025, upon the completion of required project financing.

The new facility is part of a planned nationwide modular network designed to complement Sky Quarry’s flagship hydrocarbon extraction site, PR Spring, which has a design capacity of 2,000 barrels of heavy oil per day. These modular units can be deployed regionally to intercept waste at the source and efficiently recycle it, helping to address one of the U.S. construction industry's largest waste challenges. Each modular facility will provide up to 100,000 tons of asphalt shingle feedstock annually to the Utah facility where the material will undergo its final processing. By helping to recycle the over 15 million tons of waste asphalt shingles generated annually in the U.S., Sky Quarry is positioned to unlock an untapped energy potential of more than 22 million barrels annually—representing a significant opportunity for sustainable resource recovery.

“We expect the completion our first Waste Asphalt Shingle Modular Facility, and integration to connect our midstream operations to the waste shingle products market, will establish a sustainable supply of base-blending liquid asphalt for our comprehensive waste-to-energy operations,” said David Sealock, CEO of Sky Quarry. “This initiative is incredibly timely, with recent regulatory updates underscoring the need for sustainable waste solutions. For instance, Pitkin County, CO, now mandates that 100% of reusable construction waste be diverted from landfills, while Austin, TX, requires 50% of construction and demolition waste be recycled. Our modular facilities are intended for concurrent build-out, enabling us to establish a national infrastructure that will divert massive quantities of shingle waste from landfills. These facilities position us to provide sustainable and scalable solutions, in line with regulatory and market shifts.”

About Sky Quarry Inc.

Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

Forward-Looking Statements

This press release may include ''forward-looking statements.'' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the Company’s Form 1-A offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
SKYQ@mzgroup.us
www.mzgroup.us

Company Website

https://investor.skyquarry.com

FAQ

When will Sky Quarry's (SKYQ) first Waste Asphalt Shingle Modular Facility begin operations?

Sky Quarry's first modular facility is expected to begin operations in 2025, pending completion of required project financing.

What is the processing capacity of Sky Quarry's (SKYQ) modular facilities?

Each modular facility can process up to 100,000 tons of asphalt shingle feedstock annually.

What is the production capacity of Sky Quarry's (SKYQ) PR Spring extraction site?

The PR Spring extraction site has a design capacity of 2,000 barrels of heavy oil per day.

How much waste asphalt shingle energy potential can Sky Quarry (SKYQ) unlock annually?

Sky Quarry can potentially unlock more than 22 million barrels of energy annually from the 15 million tons of waste asphalt shingles generated in the U.S.