Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced execution of agreements with RenFuel K2B AB (“RenFuel”)
to advance Comstock’s first commercial biorefinery, including an
option to acquire a subsidiary of RenFuel (“JV”). The JV has
previously completed extensive preliminary engineering for a new
biorefinery using RenFuel’s patented catalytic esterification
process to refine lignin from byproducts of paper production into a
biointermediate for refining into sustainable aviation fuel (“SAF”)
and renewable diesel in Europe. Comstock also committed to a
strategic $3,000,000 investment in RenFuel payable over the next
three years for the continued development and commercialization of
advanced applications of RenFuel’s and Comstock’s complimentary
technologies.
First Bioleum
Hub
The existing engineering work for the JV
biorefinery involves integration of the RenFuel process into a pulp
and paper mill in Sweden. Comstock and RenFuel are currently
evaluating the requirements for inclusion of an additional 25,000
TPY of biorefining capacity based on Comstock’s commercially
available Cellulosic Ethanol and Bioleum derived fuels
technologies.
RenFuel granted Comstock the right to acquire a
majority stake in the JV as part of the consideration paid under
Comstock’s investment, subject to preexisting and customary JV
shareholder approvals. Importantly, RenFuel and the JV have
previously entered into agreements with a strategic investor with
significant renewable fuel refining assets in Europe that has
committed to provide the JV with an offtake agreement for the
biorefinery if certain thresholds are met. That investor owns a
minority share of the JV with standard consent and other
shareholder rights. The investor also recently announced its
intention to make substantial additional investments in increased
renewable fuel capacity at some of its existing refineries, in part
to service the rapidly increasing global demand for SAF.
“RenFuel’s extensive work with this JV
biorefinery site fits perfectly into our commercialization plans,”
said Corrado De Gasperis, Comstock’s executive chairman and chief
executive officer. “It allows both Comstock and RenFuel to
capitalize on the existing TRL 7 scale-up work and accelerate
construction of an initial small-scale facility based on Comstock’s
technologies with embedded strategic feedstock and offtake
stakeholders. The resulting integrated site would mark the first of
our Bioleum Hubs, while providing a beachhead in the rapidly
expanding European renewable fuels market. We are very excited to
integrate this project into our portfolio and we look forward to
working with RenFuel and its feedstock and offtake partners.”
Strategic
Investment in
RenFuel
In addition to advancing Comstock’s first
commercial Bioleum Hub, Comstock agreed to provide RenFuel with a
$3,000,000 senior secured convertible debt investment to provide
additional funds to commercialize its breakthrough catalytic
esterification technology, including development of advanced joint
applications of RenFuel’s and Comstock’s complimentary
technologies.
Comstock’s proprietary technologies are proven
to convert lignocellulosic biomass into Cellulosic Ethanol and
proprietary Bioleum biointermediate blends at extraordinary yields
exceeding 100 gallons per dry tonne of biomass on a gasoline gallon
equivalent basis (“GGE”), and market-leading, extremely low carbon
intensity (“CI”) scores of 15. Comstock is already using RenFuel’s
catalytic esterification technology to refine its proprietary
Bioleum derivatives into Hydrodeoxygenated Bioleum Oil (“HBO”), for
use by advanced biofuel refineries in blending with, diversifying,
and extending conventional hydroprocessed fat, oil, and grease
feedstocks that can simultaneously produce SAF and Renewable Diesel
Fuel. Comstock holds the exclusive license to RenFuel’s refining
technologies in North America, Central America, and South
America.
Sven Löchen, RenFuel’s chief executive officer,
added that “we are thrilled with our rapidly expanding strategic
partnership with Comstock. Comstock’s technologies and proprietary
Bioleum products create a vastly expanded market opportunity for
our technologies worldwide, which Comstock is currently advancing
in the Americas. Simultaneously, Comstock’s direct investment in
RenFuel will help to support our continued growth and technology
development, while their leadership and participation in the JV
will build on our significant historical commercialization
investment in our planned 100,000 ton per year biorefinery in the
European market. We are looking forward to working with the JV’s
strategic feedstock and offtake partners to include Comstock in the
JV commercialization efforts to build value for all stakeholders.
Our two companies are strongly aligned on a shared mission and
vision of enabling systemic decarbonization and net zero
mobility.”
About RenFuel
K2B AB
RenFuel innovates technologies that contribute
to decarbonization and circularity by effectively turning
under-utilized biomass waste and residues into renewable fuels and
materials. To learn more, please visit www.renfuel.se.
About Comstock
Inc.
Comstock (NYSE: LODE) commercializes
technologies that enable systemic decarbonization and accelerate
the energy transition by efficiently converting under-utilized
natural resources into renewable energy products, and by leveraging
physics based artificial intelligence for more efficient and
effective mineral and materials discovery. To learn more, please
visit www.comstock.inc.
Forward-Looking
Statements
This press release and any related calls or
discussions may include forward-looking statements 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.
All statements, other than statements of historical facts, are
forward-looking statements. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” “plan,” “should,” “intend,”
“may,” “will,” “would,” “potential” and similar expressions
identify forward-looking statements but are not the exclusive means
of doing so. Forward-looking statements include statements about
matters such as: future market conditions; future explorations or
acquisitions; future changes in our research, development and
exploration activities; future financial, natural, and social
gains; future prices and sales of, and demand for, our products and
services; land entitlements and uses; permits; production capacity
and operations; operating and overhead costs; future capital
expenditures and their impact on us; operational and management
changes (including changes in the Board of Directors); changes in
business strategies, planning and tactics; future employment and
contributions of personnel, including consultants; future land and
asset sales; investments, acquisitions, joint ventures, strategic
alliances, business combinations, operational, tax, financial and
restructuring initiatives, including the nature, timing and
accounting for restructuring charges, derivative assets and
liabilities and the impact thereof; contingencies; litigation,
administrative or arbitration proceedings; environmental compliance
and changes in the regulatory environment; offerings, limitations
on sales or offering of equity or debt securities, including asset
sales and associated costs; business opportunities, growth rates,
future working capital, needs, revenues, variable costs, throughput
rates, operating expenses, debt levels, cash flows, margins, taxes
and earnings. These statements are based on assumptions and
assessments made by our management in light of their experience and
their perception of historical and current trends, current
conditions, possible future developments and other factors they
believe to be appropriate. Forward-looking statements are not
guarantees, representations or warranties and are subject to risks
and uncertainties, many of which are unforeseeable and beyond our
control and could cause actual results, developments, and business
decisions to differ materially from those contemplated by such
forward-looking statements. Some of those risks and uncertainties
include the risk factors set forth in our filings with the SEC and
the following: adverse effects of climate changes or natural
disasters; adverse effects of global or regional pandemic disease
spread or other crises; global economic and capital market
uncertainties; the speculative nature of gold or mineral
exploration, and lithium, nickel and cobalt recycling, including
risks of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration, metal recycling, processing or mining activities;
costs, hazards and uncertainties associated with precious and other
metal based activities, including environmentally friendly and
economically enhancing clean mining and processing technologies,
precious metal exploration, resource development, economic
feasibility assessment and cash generating mineral production;
costs, hazards and uncertainties associated with metal recycling,
processing or mining activities; contests over our title to
properties; potential dilution to our stockholders from our stock
issuances, recapitalization and balance sheet restructuring
activities; potential inability to comply with applicable
government regulations or law; adoption of or changes in
legislation or regulations adversely affecting our businesses;
permitting constraints or delays; challenges to, or potential
inability to, achieve the benefits of business opportunities that
may be presented to, or pursued by, us, including those involving
battery technology and efficacy, quantum computing and generative
artificial intelligence supported advanced materials development,
development of cellulosic technology in bio-fuels and related
material production; commercialization of cellulosic technology in
bio-fuels and generative artificial intelligence development
services; ability to successfully identify, finance, complete and
integrate acquisitions, joint ventures, strategic alliances,
business combinations, asset sales, and investments that we may be
party to in the future; changes in the United States or other
monetary or fiscal policies or regulations; interruptions in our
production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, lithium, nickel, cobalt,
cyanide, water, diesel, gasoline and alternative fuels and
electricity); changes in generally accepted accounting principles;
adverse effects of war, mass shooting, terrorism and geopolitical
events; potential inability to implement our business strategies;
potential inability to grow revenues; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies, equipment and raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to satisfy debt and
lease obligations; potential inability to maintain an effective
system of internal controls over financial reporting; potential
inability or failure to timely file periodic reports with the
Securities and Exchange Commission; potential inability to list our
securities on any securities exchange or market or maintain the
listing of our securities; and work stoppages or other labor
difficulties. Occurrence of such events or circumstances could have
a material adverse effect on our business, financial condition,
results of operations or cash flows, or the market price of our
securities. All subsequent written and oral forward-looking
statements by or attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these factors. Except
as may be required by securities or other law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Neither this press release nor any related calls or
discussions constitutes an offer to sell, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund, or any other issuer. Neither this press
release nor any related calls or discussions constitutes an offer
to sell, the solicitation of an offer to buy or a recommendation
with respect to any securities of the Company, the fund, or any
other issuer.
Contact
Information:
For investor
inquiries, contactRB Milestone
Group Tel (203) 487-2759ir@comstockinc.com
For press
inquiries or
questions, contactZach Spencer
Comstock Inc.Tel (775) 847-7532questions@comstockinc.com
Source: Comstock Inc.
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