Viking Energy Group, Inc. (OTCMKTS: VKIN), a diversified green energy company, has focused on acquiring clean energy assets and technology in 2021. Fueling their environmentally-responsible strategy has been VKIN’s majority owner, Camber Energy, Inc. (NYSE American: CEI).
Highlights:
- Earlier this year, CEI bought $11 million worth of VKIN stock. The proceeds of the transaction were used to buy 60.5% of a company engaged in the manufacture of industrial engines.
- The funds were also used to purchase the license of a patented carbon capture system from ESG Clean Energy LLC (ESG). The license is exclusive in Canada and non-exclusive in the U.S.
- Additional funds from that VKIN stock purchase went to VKIN’s general working capital.
- VKIN acquired a majority interest in subsidiary Simson-Maxwell, Ltd. this year. It uses the Simson-Maxwell platform to promote the ESG Clean Energy System.
VKIN Secures IP License From ESG Clean Energy LLC
VKIN has secured a licensing agreement with ESG Clean Energy LLC (ESG) for their IP. The technology produces electric power while capturing and repurposing carbon dioxide emissions from combustion engines. The agreement is exclusive in Canada and non-exclusive for 25 locations in the U.S.
CEI’s interest in VKIN stock is a 62% majority stake, according to InvestorPlace. CEI is an oil and gas company. VKIN has oil and gas assets in Texas and Louisiana.
James Doris, CEI president and CEO, says, “In my view this transaction positions us as industry leader in terms of being able to assist with the power generation needs of commercial and industrial organizations while at the same time helping them reduce their carbon footprint to satisfy regulatory requirements or to simply follow best ESG-practices.”
He added, “We are excited to be able to use the platform of Simson-Maxwell, Ltd., our recently-acquired majority-owned subsidiary, to promote the ESG Clean Energy System.”
Details are included in the Company’s form 8-K filed with the SEC.
VKIN Majority-Owner of Subsidiary Simson-Maxwell, Ltd.
VKIN is a growth-oriented energy company. It provides custom energy solutions to commercial and industrial clients in North America. Through various subsidiaries, it owns oil and gas interests in the U.S. It also holds operations in Canada through its majority-owned subsidiary Simson-Maxwell Ltd.
In Q2, VKIN reported $10.69 million in revenues. It also grew its current asset base to $13.31 million. Its net loss dropped dramatically to $9.85 million. Adjusted EBITDA for the Company in Q2 was $4.29 million.
VKIN had Q2 sales of $10.7 million and YTD revenues of $21.19 million.
James Doris, President and CEO of VKIN, commented, “We are pleased with the second-quarter results, and are very excited about steps we have taken subsequent to the end of Q2 to strengthen the organization, including our recent acquisition of a majority interest in Simson-Maxwell Ltd., a leading power generation and energy solutions company.”
VKIN Acquires Reno, Nevada Plant Producing Renewable Diesel Fuel
VKIN agreed to acquire, in a Membership Interest Purchase Agreement, 100% interest in a group of companies in the process of bringing commercial operations to a Reno, Nevada plant designed to produce renewable diesel fuel.
The plant is 95% complete and a pre-treatment unit under construction within the plant is 30% complete, the Company says. The fuel is designed to process biofuel that is chemically the same as petroleum diesel fuel.
The Reno facility is capable of producing 43 million gallons per year, according to estimates. Renewable diesel is made from renewable feedstocks instead of crude oil. According to the alternative fuel price report biodiesel prices currently range between $3.29 and $3.80 per gallon.
Keep VKIN stock on your Watch List as energy stocks are growing in valuation.