Company commences Phase 2 and drives toward a 2026 final investment decision on first commercial waste plastics-to-fuels facility

HOUSTON, TX, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Abundia Global Impact Group, Inc. (NYSE:AGIG) ("Abundia" or the "Company"), a low-carbon energy solutions company focused on converting biomass and plastics waste into high-value low-carbon fuels, announces it has appointed Burns & McDonnell as its lead engineer to deliver the Front-End Engineering and Design (FEED) package for its first waste-plastics-to-renewable products recycling facility in Baytown, Texas. Completing this milestone is a material step in Abundia's path to the commercialization of its renewable chemicals and fuels division.

The Company's appointment of a FEED engineer represents significant progress as it embarks on Phase 2 of Abundia's planned development at its Baytown site. This site will serve as its US operating headquarters, its Innovation Center and R&D facility, and as the core technology development hub for its waste-plastics-to-renewable chemicals and fuels operations. With the selection of its FEED engineer, Abundia is confident it will execute on plan to achieve its target Final Investment Decision (FID) by the end of 2026.

"The engagement of Burns & McDonnell is a significant milestone for the company as we commence Phase 2 planning for the waste-plastic-to-renewable products facility on our path to achieve FID, which is expected by the end of year," said Ed Gillespie, Abundia's Chief Executive Officer. "We believe Burns & McDonnell's engineering stature and proven track record increases the potential for orderly completion of this phase of our development. We anticipate that the FEED package delivered by Burns & McDonnell will position our team to successfully execute on these final phases and drive the project forward to FID."

"Our collaboration with Abundia marks a significant step toward converting plastics waste into high-value low-carbon fuels," says Kevin Syphard, Vice President in the Oil, Gas, and Chemicals Group at Burns & McDonnell. "Our focus on the front-end process design is critical for first-of-a-kind facilities like this, as it establishes a predictable foundation for the detailed design and construction phases of project execution."

Abundia's strategic approach to developing a vertically integrated renewable fuels and chemicals producer prioritizes de-risking the core components of its infrastructure. To meet this principle, the Company is collaborating with Burns & McDonnell, whose experience in FEED processes will be a key contributor to this risk mitigation strategy. The FEED process is critical to reaching a successful FID while satisfying the Company's four de-risking pillars: commercially ready technical design, capital and project finance security, regulatory compliance, and a well-positioned commercial ecosystem for final deployment of refined, low-carbon fuel output.

About Abundia Global Impact Group, Inc.

Abundia Global Impact Group, Inc. (NYSE:AGIG), formerly Houston American Energy Corp., is a low-carbon energy company focused on converting waste into value. Headquartered in Houston, Texas, we are developing commercial-scale facilities that transform waste plastics and biomass into drop-in fuels and low-carbon chemical feedstocks. Our flagship project at Cedar Port positions Abundia at the center of the Gulf Coast's energy and chemical infrastructure, with access to feedstock supply chains, upgrading partners, and end markets.

For more information, please visit www.abundiaimpact.com.

About Burns & McDonnell

Working from more than 75 offices around the world, Burns & McDonnell designs and builds critical infrastructure. The Burns & McDonnell family of companies — driven by engineers, construction professionals, architects, planners, technologists and scientists — deliver projects grounded in safety and a desire to make a difference. Founded in 1898, Burns & McDonnell is 100% employee-owned and has a mission unchanged since then – make our clients successful. Learn more here.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information generally is accompanied by words such as "believe," "may," "will," "could," "intend," "expect," "plan," "predict," "potential" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements about the Company's ability to comply with the terms and conditions as set forth in the License Agreement and the Company's ability to successfully produce renewable fuels and chemicals. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors, including, but not limited to: (i) risks and uncertainties impacting the Company's business including, risks related to its current liquidity position and the need to obtain additional financing to support ongoing operations, the Company's ability to continue as a going concern, the Company's ability to maintain the listing of its common stock on NYSE American, the Company's ability to predict its rate of growth, and (ii) other risks as set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are beyond the control of the Company.

With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing the Company's business is disclosed in our Annual Report on Form 10-K and other filings with the SEC on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

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Abundia Global Impact Group Appoints Burns & McDonnell as Front-End Engineer for Waste Plastics-to-Fuels Facility