Vivakor (VIVK) announced it has received a signed, non-binding letter of intent (LOI) to negotiate a lease for a proposed hydrogen production plant and fueling station at a major Texas international airport. This initiative expands the company's energy infrastructure platform into airport fueling services. The filing also disclosed a debt-to-equity conversion and highlighted a new operating agreement for Direct Midstream, a company Vivakor is in negotiations to acquire.
Key Details
- Hydrogen Project: The LOI, dated October 14, 2026, covers a lease for approximately 12.9 acres. The project is planned in two phases: first, hydrogen and compressed natural gas (CNG) fueling infrastructure, followed by an on-site hydrogen production plant using airport-generated organic waste.
- Acquisition Target Update: The filing highlighted a new conditional agreement for Direct Midstream, Vivakor's proposed $40 million acquisition target. The agreement is to operate 52 wells in New Mexico, which could generate over $2 million in annual service revenue for Direct Midstream.
- Debt Conversion: Between October 29-30, 2026, the company converted $500,000 of a secured promissory note held by J.J. Astor & Co. into 837,860 shares of common stock.