GREENWAY TECHNOLOGIES SIGNS BINDING QATAR JOINT VENTURE AGREEMENT TO ADVANCE MODULAR GTL DEPLOYMENT

Planned Qatar platform combines local market access with 62.5% economic participation for GWTI, with future opportunities for Greenway’s GTH and methanol-production technologies

ARLINGTON, Texas, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTCQB: GWTI) (“Greenway” or the “Company”), an advanced gas-to-liquids (“GTL”) and gas-to-hydrogen (“GTH”) technology development company, today announced that it has entered into a binding pre-incorporation Joint Venture and Implementation Agreement with Lone Star Al Serdal WLL, a Qatar-based market-entry and strategic advisory company. The agreement establishes the binding framework for the proposed formation of GWTI Greenway Technologies Qatar, a Qatar-based joint venture whose initial and primary commercial focus will be the evaluation, development and potential deployment of Greenway’s modular GTL technology. The parties have also expressed interest in evaluating future applications for Greenway’s H-Reformer® GTH system and methanol-production capabilities. Those technologies represent potential future expansion opportunities and do not alter the joint venture’s initial focus on developing GTL projects.

The initiative is designed to combine Greenway’s proprietary gas-conversion technology and project-development capabilities with Lone Star Al Serdal’s local presence, market knowledge and relationships across Qatar’s energy, petrochemical, industrial, regulatory and investment communities. Under the agreed commercial framework, the proposed company is intended to be owned 51% by Lone Star Al Serdal and 49% by Greenway Technologies. Importantly, Greenway is positioned to receive 62.5% of the joint venture’s Net Distributable Cash, with Lone Star Al Serdal receiving 37.5%, subject to completion of the definitive company documents and related capital, governance and operating requirements. Net Distributable Cash generally means cash received after operating and project expenses, feedstock and utility costs, debt service, taxes, insurance, working-capital requirements, approved reserves, technology-license obligations and other permitted project expenditures.

The transaction was principally negotiated on behalf of Greenway by Kevin Jones, the Company’s Executive Vice President of Revenue. Jones led the development of the commercial framework, including Greenway’s 62.5% share of Net Distributable Cash, preservation of Greenway’s intellectual-property rights and exclusion of Greenway’s U.S. projects from the Qatar joint venture. “Kevin’s leadership was central to bringing this agreement together,” said Doug Cogan, Chief Executive Officer of Greenway Technologies. “He negotiated a structure that protects Greenway’s technology and U.S. projects while providing GWTI with majority participation in the proposed Qatar company’s Net Distributable Cash. This represents an important step in Greenway’s transition from technology development toward commercial deployment.”

Jones was supported by Caestone Inc. Partner Naseeb Nuseibeh in Houston and by Bassel Nuseibeh, Chief Operating Officer of Al Serdal Advisory, in Doha. Their cross-border relationships, strategic guidance and local coordination helped advance the transaction from its initial development through negotiation of the binding agreement. “Our immediate and primary focus in Qatar is GTL,” Jones said. “Qatar already understands the science, infrastructure and global markets for GTL products. It has the natural-gas resources, industrial expertise, downstream capabilities and strategic importance necessary to support meaningful GTL development.” Jones continued, “Greenway is not going to Qatar simply to establish an office. We are going there to create GTL projects. Once that foundation is established, our H-Reformer GTH system and methanol-production capabilities may provide additional pathways for expanding the relationship and creating long-term value.”

QATAR’S GTL MARKET AND THE NEED FOR RESILIENT CAPACITY

Qatar is one of the world’s leading GTL markets and is home to Pearl GTL and ORYX GTL, two of the largest and most established commercial GTL operations in the world. Recent regional hostilities materially disrupted Qatar’s GTL production infrastructure. One of Pearl GTL’s two equal production trains sustained damage during the March 2026 attacks on Ras Laffan Industrial City. Production from the full facility was subsequently halted while the damage was assessed. Pearl GTL, with total capacity of approximately 140,000 barrels of oil equivalent per day of GTL production, partially restarted operations in October 2026. Repairs to the damaged second train are expected to continue into the first quarter of 2027. Greenway believes this disruption underscores the strategic value of developing additional modular, scalable and geographically distributed GTL capacity.

Greenway’s approach is not intended to duplicate a single large-scale GTL megaproject. The Company’s modular platform is designed to add production through smaller, repeatable units that can potentially be deployed in phases, expanded as market requirements develop and configured to produce high-value hydrocarbon and chemical outputs. “Our technology is designed to complement Qatar’s existing large-scale infrastructure by adding flexible capacity in repeatable increments,” Jones said. “In our view, modular deployment can reduce single-asset concentration, shorten the path to initial production and allow each project to be aligned with a specific feedstock, product market and offtake requirement.”

GTL FIRST, WITH FUTURE GTH AND METHANOL OPPORTUNITIES

While GTL is the initial commercial priority, the proposed Qatar platform could ultimately provide a pathway for evaluating additional Greenway technologies. Greenway’s H-Reformer® system is being developed to convert natural gas into a hydrogen-rich synthesis-gas stream for industrial and energy applications. Potential future opportunities could include producing hydrogen at or near the point of use for industrial customers seeking to reduce transportation, storage and infrastructure requirements. Greenway’s synthesis-gas platform may also support future methanol-production opportunities. Methanol is widely used as an industrial feedstock and can serve as a platform molecule for chemicals, fuels and other downstream products. Any GTH or methanol initiative would require separate technical and commercial evaluation, appropriate feedstock and offtake arrangements, financing, regulatory approval and definitive project agreements. No such project has yet been approved or committed. “Our first objective is to establish a credible GTL project pipeline,” Jones said. “GTL is where Qatar’s existing knowledge, infrastructure and immediate requirements most directly align with Greenway’s capabilities. GTH and methanol are important future considerations, but they will be pursued only after we have established the appropriate technical, commercial and financial foundation.”

A STRUCTURED 12-MONTH GTL COMMERCIALIZATION PROGRAM

The agreement includes a detailed 12-month implementation program designed to move Greenway systematically from market entry to qualified technical discussions, customer-specific evaluation and potential GTL project opportunities.

The initial program calls for the parties to:

• Establish and formalize Greenway’s operating presence and GTL market-entry strategy in Qatar;
• Conduct targeted executive and technical introductions with qualified energy, petrochemical and industrial organizations;
• Identify specific applications for Greenway’s modular GTL, synthesis-gas and specialty-hydrocarbon technologies;
• Conduct technical workshops and customer-specific feasibility discussions;
• Develop customer-specific concept materials based on identified feedstock, operating and product requirements;
• Advance selected opportunities toward feasibility, proof-of-concept, supplier onboarding, proposal or other formal commercial-review stages;
• Evaluate potential sites, natural-gas supply, product mix, offtake requirements and project-development structures; and
• Develop relationships with strategic, institutional and project-capital sources capable of supporting future GTL deployments.

The implementation program establishes initial performance objectives that include facilitating at least three strategic stakeholder introductions within the first 90 days, securing at least two qualified proof-of-concept opportunities by the end of the sixth month and supporting completion of at least one proof of concept by the end of the first year. The agreement also requires biweekly implementation meetings and confidential monthly reporting regarding material introductions, regulatory progress, identified opportunities, potential risks and recommended next actions. These objectives are performance targets rather than guarantees. They do not assure stakeholder participation, regulatory approval, financing, contract awards, revenue, successful completion of a proof of concept or commercial deployment.

“Greenway’s modular GTL platform represents a differentiated approach to creating higher-value products from natural gas,” said Abdulla Al Ajail, Co-Founder and Chief Executive Officer of Lone Star Al Serdal. “Qatar has the resources, technical expertise and industrial infrastructure to remain a global leader in GTL. We are pleased to work with Greenway to establish the correct local pathways, engage qualified stakeholders and develop opportunities that support Qatar’s long-term industrial and energy objectives.” Al Ajail continued, “Our initial efforts will be centered on identifying and advancing qualified GTL opportunities. Over time, we also see potential value in evaluating Greenway’s hydrogen and methanol-production capabilities as additional components of a broader technology and industrial-development platform.”

GREENWAY’S INTELLECTUAL PROPERTY AND U.S. PROJECTS REMAIN PROTECTED

The agreement expressly preserves Greenway’s ownership and control of its pre-existing intellectual property, technology, know-how, data and proprietary materials. No Greenway technology will be contributed, licensed or commercially deployed through the proposed Qatar company until the parties have executed a separate definitive technology-license agreement approved by Greenway and consistent with applicable upstream licensor requirements. Greenway or its applicable licensor will retain exclusive ownership of improvements, modifications, derivatives and enhancements based upon or related to Greenway technology. The agreement further provides that Greenway’s Wharton, Texas project, all other U.S. projects, catalyst manufacturing, ACFQA and other Greenway business activities not expressly contributed through future definitive documents remain outside the Qatar joint venture. Any expansion beyond Qatar would require a separate written agreement approved by Greenway.

BINDING FRAMEWORK WITH DEFINITIVE DOCUMENTATION TO FOLLOW

The agreement is a binding pre-incorporation framework governing the parties’ obligations while they complete the requirements necessary to establish the Qatar company. The parties will use commercially reasonable efforts to complete the definitive documents and incorporate the company by March 15, 2027, subject to obtaining required regulatory approvals, licenses and registrations. Before incorporation, equity issuance, technology licensing or commercial operations can begin, the parties must complete definitive agreements addressing:

• Each party’s cash or in-kind capital contribution;
• Corporate governance, board composition and reserved matters;
• Banking authority, budgets and financial controls;
• Intellectual-property licensing;
• Revenue-distribution, audit and reconciliation procedures;
• Regulatory and licensing requirements; and
• Equity-transfer, exit and buy-sell provisions.

The contemplated 51%/49% ownership interests will not be issued until the parties agree upon their respective contributions and those contributions are made as part of a simultaneous closing.

ABOUT LONE STAR AL SERDAL WLL

Lone Star Al Serdal WLL is a Qatar-based company providing market-entry services, strategic advisory support and commercial-relationship development in Qatar and the broader Middle East and North Africa region.

Under the agreement, Lone Star Al Serdal will support Greenway’s Qatar market entry, stakeholder engagement, government and regulatory coordination, commercial introductions and development of strategic-capital relationships.

ABOUT GREENWAY TECHNOLOGIES, INC.

Based in Arlington, Texas, Greenway Technologies, Inc., through its wholly owned subsidiary Greenway Innovative Energy, Inc., is developing proprietary gas-to-liquids and gas-to-hydrogen synthesis-gas conversion systems designed to be scalable for a variety of natural-gas resources and industrial applications.

Greenway’s patented G-Reformer® technology converts natural gas into synthesis gas, which may be used with additional processing systems to produce liquid hydrocarbons, specialty products, methanol and other high-value outputs. Greenway has also developed its H-Reformer® platform for hydrogen-oriented applications.

Greenway’s common stock is quoted on the OTCQB Venture Market under the symbol “GWTI.”

For additional information, visit www.gwtechinc.com.

NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are forward-looking statements and may include statements concerning the proposed formation and incorporation of GWTI Greenway Technologies Qatar; execution of definitive agreements; anticipated ownership and economic allocations; capital contributions; regulatory approvals, licenses and registrations; stakeholder introductions; customer engagement; proof-of-concept opportunities; GTL, GTH or methanol project development; financing; market acceptance; commercial deployment; future production or revenues; and Greenway’s business strategy and international expansion.

Forward-looking statements are based on current expectations, estimates and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied.

These risks include the possibility that the parties may not complete the definitive documents, agree upon required contributions, obtain necessary approvals, incorporate the proposed company, identify qualified commercial opportunities, complete a proof of concept, secure financing, establish feedstock or offtake arrangements, execute customer or project agreements or successfully deploy Greenway technology in Qatar.

The execution of the agreement does not guarantee incorporation of the proposed company, regulatory approval, project financing, customer adoption, commercial contracts, revenue generation or successful deployment of Greenway technology.

Additional risks and uncertainties are described in Greenway’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings. Readers should not place undue reliance on forward-looking statements. Except as required by law, Greenway undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

CONTACT
Doug Cogan
Chief Executive Officer
Greenway Technologies, Inc.

Investor and Analyst Contact:
Greenway Investor Relations
ir@gwtechinc.com

SEC filings:
https://gwtechinc.com/SEC-filings

Company website:
www.gwtechinc.com