Focus to be Remediating the Multi-Billion Ton Global Waste Oil Sludge from Refineries and Midstream Oil Operators
First RPC Unit is Fully Funded and is Expected to be Deployed in June with the capacity to Clean 100 Barrels per Hour and Reclaim up to 1,000 Barrels of Recycled Oil per Day
IRVINE, CA / ACCESSWIRE / May 2, 2022 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, is pleased to announce the signing of a Master Work Agreement with JVS Holdings Inc., dba EMS Management ("EMS"), for Vivakor's Houston, Texas operations. This Master Work Agreement provides the terms and conditions under which EMS will manage the waste processing for the Company's RPC unit in Houston, Texas pursuant to work orders once Vivakor and/or EMS secures agreements for waste remediation.
The business arrangement is expected to enable the parties to work together in the deployment of Vivakor's Remediation Processing Center (RPC) technology in the Houston area, focusing on processing waste that includes tank bottom sludge, drill cuttings and other waste streams from refineries and midstream customers. Vivakor and EMS have identified potential sites and plan to soon announce a precise location for the deployment of the RPC and will begin the processing of waste oil material once a location and agreement have been secured. EMS will also assist in supplying operational expertise and personnel at the site and procuring waste treatment contracts for Vivakor. The global tank bottom sludge market is estimated to be in excess of 9 billion tons. The Company and EMS believe that one prospective client of EMS on the Texas Gulf Coast needs to remediate more than 70,000 tons of tank bottom sludge this year. Vivakor sees this as a great market opportunity that will also contribute to cleaning up the environment, as more material will be processed instead of sent to a landfill.
Currently Vivakor is manufacturing two RPCs, with one slated to be deployed with EMS in the Houston area by the end of the second quarter of 2022. This RPC was funded through Vivakor's VivaWealth Fund, a Special Purpose Vehicle (SPV), which financing structure is non-dilutive to Vivakor shareholders. Vivakor expects to fund at least four RPCs total this year via SPV financing. When deployed, the RPC in Houston will have the capacity to clean up to 100 barrels per hour of contaminated sludge material, which material is expected to be at least 40% oil by weight, and thus allow the Company to reclaim up to 1,000 barrels a day of a recycled hydrocarbon for reuse.
EMS has a track record of over 28 years of cleaning waste from different hydrocarbon (oil) projects throughout most of the Gulf Coast energy production sectors. EMS has locations in multiple areas and has a strong presence in Houston, where the first tank bottom sludge RPC projects are expected to be located.
"Part of our corporate strategy is to extend our technology to the most productive and worthwhile regions of the world," stated Matt Nicosia, Vivakor CEO. "Tackling the huge tank bottom sludge problem in America starts with Houston. We are excited to offer the ability to process the oil waste material and assist producers, pipelines, and storage tank owners in significantly reducing the need for landfills for this large waste stream. EMS is the perfect partner to help locate, operate, and attract business arrangements in the Houston area. We envision other locations throughout the Gulf Coast region of the United States. Our technology offers an option to mitigate the need for landfills while producing recycled asphalt cement and recycled transportation fuels as our RPCs can not only clean the soil out of the tank bottom sludge but make the hydrocarbons reusable. This RPC, which was funded through an SPV, is expected to be the first deployment of what is anticipated to be four RPCs financed from SPVs."
EMS Chief Commercial Officer, Todd Hull, stated, "With a backlog of maintenance projects due to the COVID-19 pandemic, many storage vessels are overdue for cleaning and recertification. Vivakor's technology, with EMS's operational expertise, will lead the way for enhanced recovery; turning waste into value streams based on the Reduce - Reuse - Recycle model and driving the circular carbon economy. Our clients, including many of the major oil companies, have been pushing us for a green alternative to disposing of all this waste in landfills, and Vivakor's plan provides us with such a solution."
About Vivakor, Inc.
Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused in the area of oil remediation and natural resources. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that produce solid returns to its valued shareholders and partners. The company currently focuses on its patented Remediation Processing Centers that allows for the environmentally friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than 5% by weight oil contamination while fully recovering the oil and leaving the soil fully viable for reuse. It is currently focused extraction from shallow, oil-laden areas in Eastern Utah, along with petroleum-based remediation projects in Kuwait and in Houston Texas.
For more information, please visit our website: http://vivakor.com
About JVS Holding, Inc dba EMS Management
Founded in 1994, EMS Management's mission is to deliver environmental cleaning solutions to the rail, marine and terminal assets of North America. EMS is actively engaged with customers in providing innovative solutions for cleaning through green chemistries and technologies that are safer for people, customers assets and the environment. Throughout the cleaning, remediation and maintenance process we are striving to deliver innovation with new technologies that align with ESG goals and the energy transformation With operations based in Houston, TX, EMS has established itself as a premier provider of railcar cleaning solutions for mobile and fixed base operations servicing the food, oil and petro-cheimical industries across the continental United States.
For more information, please visit their website: http://emsmanagement.com
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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