Verde Clean Fuels, Inc.

Verde Clean Fuels, Inc. (Nasdaq: VGAS) is a development-stage energy technology company headquartered in Houston, Texas, with an additional office and demonstration plant in Hillsborough, New Jersey. The company owns and is commercializing an innovative proprietary gas-to-liquids processing technology called STG+® (synthesis gas-to-gasoline plus) that converts low-value or stranded feedstocks into higher-value clean transportation fuels.

The STG+® technology is engineered to convert syngas derived from various feedstocks, including natural gas and biomass, into fully finished liquid fuels that require no additional refining. The process operates through a continuous vapor-phase loop using fixed-bed catalytic reactors and standard refinery equipment, producing reformulated blendstock for oxygenate blending (RBOB) gasoline that is sulfur and benzene-free. The technology has been validated through a fully integrated demonstration plant that completed over 10,000 hours of operation. Verde acquired the STG+® technology from Primus Green Energy in 2020, building on over $110 million in prior development and demonstration investments.

The company holds a patent portfolio protecting key aspects of the technology across the United States and 14 other jurisdictions, with patents generally valid through 2031 to 2033. Verde's current strategy focuses on deploying the STG+® technology through capital-lite opportunities, including licensing arrangements and providing engineering and technical services to enable third parties to build and operate commercial production plants utilizing the technology.

Verde was formed through a business combination with CENAQ Energy Corp. in February 2023. The company's primary stockholder is Bluescape Clean Fuels Holdings, LLC, an affiliate of Bluescape Energy Partners, while its second-largest stockholder is Cottonmouth Ventures, LLC, a wholly-owned subsidiary of Diamondback Energy, Inc. As of December 31, 2025, Verde remains in the deployment phase of its STG+® technology and has not derived revenue from its principal business activities. In February 2026, the company suspended development of its Permian Basin Project and announced a revised strategy emphasizing aggressive cost reduction initiatives targeting a 50 percent reduction in costs during 2026.