Greenway Technologies (GWTI) signed a non-binding LOI with Plymouth GC to license GTL technology for a recurring revenue share. The Q3 2026 definitive agreement deadline is the first real test for the pre-revenue OTC stock.
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Greenway Technologies (OTCQB: GWTI), a pre-revenue developer of gas-to-liquids and gas-to-hydrogen systems, signed a non-binding Letter of Intent with Plymouth GC, LLC on May 15, 2026. The LOI outlines terms for Plymouth to license Greenway’s G-Reformer and H-Reformer technology in exchange for a recurring revenue share from liquid hydrocarbon production. For a company that has spent over a decade in research and development with zero product sales, this marks the first public step toward commercialization. The path from LOI to binding agreement and eventual cash flow remains long, and the stock carries the execution risk typical of pre-revenue OTC issuers.
The agreement sets forth terms for Plymouth to license Greenway’s gas-to-liquids (GTL) and gas-to-hydrogen (GTH) solutions. Greenway would receive a recurring revenue share from the sale of liquid hydrocarbons and other outputs. The LOI is non-binding and subject to definitive documentation, Greenway board approval, and other closing conditions. Greenway expects to negotiate the definitive agreement by the third quarter of 2026.
CEO Doug Cogan explicitly framed this as a pivot: “We are excited for our shareholders as we shift our focus from pre-revenue research and development to commercialization with Plymouth and other potential investors.” The language signals that Greenway now views itself as a licensing company, not a pure R&D shop.
The simple read: Greenway has a potential commercial partner, validation of its patented technology, and a path to revenue. The better market read: Non-binding LOIs in pre-revenue OTC stocks are common and often fail to convert. The Q3 2026 deadline for a definitive agreement is the first real catalyst. Until that document is signed and board-approved, the LOI carries no enforceable obligation for either party.
Greenway has no product sales. Its entire valuation rests on the promise of its patented G-Reformer unit, which converts natural gas into synthesis gas that can be processed into gasoline, diesel, jet fuel, or methanol. The H-Reformer produces hydrogen and carbon dioxide. Both technologies remain unproven at commercial scale.
Greenway claims its systems can process pipeline gas, associated gas, flared gas, vented gas, coal-bed methane, and biomass. Scaling from patent to production is the hard part. The company has not disclosed any third-party test results, pilot plant data, or operating history at commercial scale. The LOI does not specify the number of units Plymouth intends to deploy or the expected production volume.
Pre-revenue OTC companies often raise capital through equity issuances to fund operations. Greenway did not disclose its cash position or burn rate in the release. Traders should monitor SEC filings for any subsequent financing announcements. A dilutive raise before the definitive agreement would weaken the equity story for existing shareholders.
The LOI was signed May 15, 2026. Greenway targets a definitive agreement by Q3 2026. After that, the parties would need to finalize project sites, secure financing, and deploy the G-Reformer units. Even under an optimistic schedule, first revenue is likely 12–18 months after the definitive agreement.
Each milestone is a potential catalyst. Each delay is a risk.
GWTI is the primary affected asset. The stock trades on the OTCQB with low liquidity. A successful definitive agreement could drive a re-rating. The absence of liquidity means large percentage moves can occur on small order flow.
Greenway’s technology consumes natural gas as feedstock to produce liquids. A sustained low Henry Hub price environment would improve GTL economics by lowering input costs. High gas prices would squeeze margins. Traders should monitor natural gas inventory reports and any policy shifts around flaring or methane regulations that could incentivize GTL adoption.
For broader context on energy markets, see the commodities analysis and crude oil profile sections.
The LOI does not change the structural risks of pre-revenue OTC stocks. Institutional coverage is minimal. Short sellers may target the stock if the definitive agreement stalls. Retail traders should size positions accordingly and expect wide bid-ask spreads.
For a list of brokers that support OTC trading, see the best commodities brokers guide.
Key insight: Non-binding LOIs in pre-revenue OTC stocks carry a high failure rate. The Q3 2026 definitive agreement deadline is the first real test. Until then, GWTI remains a speculative bet on technology transfer and partnership execution.
Greenway has given itself and Plymouth roughly four months to negotiate a binding deal. Traders should treat the LOI as a positive signal, not a conviction trade. The stock’s OTC status means any positive news could produce a sharp rally. The downside from a failed negotiation is equally large.
The prudent approach is to wait for the definitive agreement announcement. If it comes with board approval and a clear project timeline, the risk-reward shifts. If Q3 passes without a deal, the thesis breaks.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.