August 26, 2026 - West Virginia’s more than $50 million investment in an ambitious plan to transform the Pleasants Power Station has yet to produce the results state officials once envisioned. Now, the future of the coal-fired facility could hinge on a potential sale as companies within the Omnis organization battle over control of the plant and its bankruptcy proceedings.

Omnis Pleasants LLC filed for Chapter 11 bankruptcy protection on July 27 after an affiliated company failed to repay a roughly $50.9 million loan from the West Virginia Economic Development Authority. The loan, issued to Quantum Pleasants LLC in November 2023, was intended to help convert the Pleasants County coal plant into a hydrogen production facility using technology that had not yet been proven commercially. That conversion has not taken place.

The loan reached maturity June 15 and remains unpaid and in default, according to court documents. Omnis Pleasants now alleges that previous leadership within the broader Omnis organization misled the state and improperly handled company and state-backed funds. The company says those actions contributed to the financial problems that eventually pushed the plant toward bankruptcy.

Another company within the organization, Omnis Fuel Technologies, disputes that account and is challenging the bankruptcy itself. In an Aug. 14 filing, the company asked the U.S. Bankruptcy Court for the District of Delaware to dismiss the Chapter 11 case. If the court allows the bankruptcy to proceed, Omnis Fuel Technologies wants an independent trustee appointed to take over management and examine the company's finances, governance dispute and proposed sale.

Sale could keep Pleasants operating on coal

David Hindman, CEO of Omnis Pleasants, says the company is pursuing a sale that could allow the 1,278-megawatt, 47-year-old power station to continue operating as a conventional coal-fired generating facility.

According to Hindman, prospective buyers have already visited the property and there has been significant interest in acquiring it. He said the goal is to place Pleasants in the hands of an owner experienced in operating power plants and capable of keeping the facility running well into the future.

Hindman also said proceeds from a successful sale would be designated in part to repay the Economic Development Authority loan. He expressed confidence that the state could ultimately recover the money and said Omnis Pleasants remains in regular communication with authority representatives.

The financial situation extends beyond the state loan. Court filings show Omnis Pleasants has hundreds of creditors and more than $70 million in debt obligations. West Virginia government entities appearing among its creditors include the Department of Environmental Protection's Division of Air Quality, Division of Highways, Attorney General's Office and State Tax Department. West Virginia University and the U.S. Department of Justice also appear in the creditor matrix.

Current management alleges misuse of funds

Hindman told the bankruptcy court in a written declaration that an internal investigation by current management uncovered evidence of questionable transactions under previous leadership. The allegations include self-dealing, transactions involving related parties, improper use of investor and lender money and transfers of corporate funds to entities controlled by insiders.

The accusations overlap with claims raised in a separate federal lawsuit involving Omnis Energy founder Simon Hodson. That case alleges Hodson misrepresented aspects of his business ventures before the state approved the loan supporting the proposed hydrogen project.

Hodson had previously promoted Pleasants as a potential showcase for hydrogen production. During an August 2023 meeting of the West Virginia Public Energy Authority, he described the plant as an opportunity to demonstrate how electricity generation could be paired with production of another industrial resource.

By February 2026, however, Hodson had been removed as chairman and CEO of Omnis Pleasants under a forbearance agreement reached as financial and operational problems mounted, according to Hindman's declaration.

Dispute over state's loan and bankruptcy filing

Omnis Fuel Technologies presents a sharply different account of the company's financial condition and the events preceding bankruptcy.

The company says Quantum Pleasants used the state loan proceeds for the intended hydrogen conversion project. It also says Quantum was negotiating a 90-day forbearance agreement with the Economic Development Authority shortly before the bankruptcy filing.

A July 20 email included as a court exhibit shows the authority was willing to provide a 90-day period to allow negotiations over a possible plant sale to continue. In exchange for delaying collection of the outstanding loan balance, the authority sought a deed of trust covering the plant and related real estate.

That security interest would have ranked behind an existing lien held by lenders TRAG LLC and RG Energy LLC. Court filings identify TRAG as the owner of approximately 47% of Quantum Pleasants and say it is controlled by Tony Robbins and businessman Ajay Gupta.

The Economic Development Authority previously raised concerns about several alleged defaults involving Quantum, including issues involving property acquisition, a lien on the plant and use of loan proceeds. Quantum disputed those claims. Omnis Fuel Technologies maintains that the issues involved Quantum rather than Omnis Pleasants and notes that the authority ultimately did not take action at that time.

Both sides disagree over plant's financial health

The companies also offer competing assessments of Pleasants Power Station's finances.

According to Hindman's court declaration, the plant earns substantial revenue through capacity-market commitments, which compensate generators for maintaining electricity-production capability that can be called upon when needed. Capacity revenue for delivery years between 2024-25 and 2028-29 ranges from approximately $23 million to $123 million, while annual fixed operating expenses are estimated at about $45 million.

Hindman argues those revenues could make Pleasants profitable under effective management. However, he says the facility suffered substantial operating losses from 2023 through the middle of 2025 because of previous mismanagement, inadequate capital and delayed maintenance that contributed to outages and reduced performance.

Omnis Fuel Technologies counters that the plant has already undergone a financial turnaround and should not be in bankruptcy. It argues that Pleasants became significantly more profitable after beginning to participate in capacity auctions for future delivery years. The previous owner had not participated because the facility had been slated for closure, according to the company's filing.

The disagreement extends to who has the authority to control the company. Omnis Fuel Technologies contends that the Chapter 11 filing followed a Pleasants County Circuit Court decision denying an attempt by TRAG and RG Energy to block its governance rights. It characterizes the bankruptcy as an effort to preserve control while those governance questions remain unresolved.

Meanwhile, questions remain about other Omnis-backed ventures in West Virginia, including previously announced projects in Bluefield and Wyoming County. Hindman and an Omnis Fuel Technologies representative said they were not associated with those ventures, and neither appears on the corporate organization chart included with Hindman's declaration.

The bankruptcy court has scheduled a Sept. 3 hearing to consider final approval of measures allowing essential operations to continue, including employee wages and utility payments.

Pleasants Power Station employed 136 people when the bankruptcy petition was filed July 27. Despite the legal and corporate dispute surrounding the facility, Hindman has said current management remains committed to keeping the plant operating and is optimistic that a sale can provide a path forward.