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Designed to Process 1 Million Tons of Shingle Waste and Produce 2,000 Barrels of Oil Daily
WOODS CROSS, Utah, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Sky Quarry Inc. (NASDAQ: SKYQ) ("Sky Quarry" or "the Company"), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the successful completion of its 2024 capital expenditure program for PR Spring. This milestone advances Sky Quarry toward completing and commissioning its cornerstone facility, which will play a pivotal role in its waste-to-energy mission while driving future growth.
Capable of processing up to 1 million tons of asphalt shingle waste annually, PR Spring has a designed capacity to produce up to 2,000 barrels of oil per day. The facility will extract oil from both waste asphalt shingles and hydrocarbon resources within its permitted mineral leases on-site. Once retrofitting is completed, the facility is expected to be commissioned in 2025, making it the largest of its kind.
Sky Quarry has invested a total of $7 million, with the majority of this effort focused on procuring critical equipment and collaborating with engineering partners to advance the facility’s retrofit. Built at a cost of $54 million under previous ownership, the facility sits on nearly 6,000 acres of land and holds an estimated 180 million barrels of hydrocarbon resources.
A key achievement in the 2024 upgrade involved the removal of a massive trommel mill to make way for the installation of proprietary vortex mixing tanks. These tanks will serve as key components to the extraction process, responsible for the mixing and agitating the asphalt shingles and sand with the solvent.
Once commissioned, Sky Quarry expects the PR Spring facility to be a key driver in their fully integrated process, from extraction to refining, acting as the central hub that connects their upstream and downstream operations to ensure a reliable supply of base-blending liquid asphalt for their waste-to-energy initiatives. By supplying sustainably produced crude oil to The Company’s Foreland Refinery, the PR Spring facility will significantly boost production capacity, drive revenue growth, and contribute to the refinery’s long-term economic viability, thus enhancing both operational efficiency and profitability.
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.