Comstock executes first biorefinery business settlement.
Comstock Inc. (NYSE: LODE) (“Comstock” and the “Firm”) introduced execution of agreements with RenFuel K2B AB (“RenFuel”) to advance Comstock’s first business biorefinery, together with an possibility to accumulate a subsidiary of RenFuel (“JV”).
The JV has beforehand accomplished intensive preliminary engineering for a brand new biorefinery utilizing RenFuel’s patented catalytic esterification course of to refine lignin from byproducts of paper manufacturing right into a biointermediate for refining into sustainable aviation gasoline (“SAF”) and renewable diesel in Europe.
Comstock additionally dedicated to a strategic $3,000,000 funding in RenFuel payable over the subsequent three years for the continued improvement and commercialization of superior purposes of RenFuel’s and Comstock’s complimentary applied sciences.
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First Bioleum Hub
The present engineering work for the JV biorefinery includes integration of the RenFuel course of right into a pulp and paper mill in Sweden. Comstock and RenFuel are at present evaluating the necessities for inclusion of a further 25,000 TPY of biorefining capability primarily based on Comstock’s commercially obtainable Cellulosic Ethanol and Bioleum derived fuels applied sciences.
RenFuel granted Comstock the precise to accumulate a majority stake within the JV as a part of the consideration paid underneath Comstock’s funding, topic to preexisting and customary JV shareholder approvals. Importantly, RenFuel and the JV have beforehand entered into agreements with a strategic investor with important renewable gasoline refining belongings in Europe that has dedicated to offer the JV with an offtake settlement for the biorefinery if sure thresholds are met.
That investor owns a minority share of the JV with commonplace consent and different shareholder rights. The investor additionally lately introduced its intention to make substantial further investments in elevated renewable gasoline capability at a few of its current refineries, partially to service the quickly rising world demand for SAF.
Corrado De Gasperis, Comstock’s government chairman and chief government officer stated:
RenFuel’s intensive work with this JV biorefinery website suits completely into our commercialization plans.
“It permits each Comstock and RenFuel to capitalize on the present TRL 7 scale-up work and speed up development of an preliminary small-scale facility primarily based on Comstock’s applied sciences with embedded strategic feedstock and offtake stakeholders.”
“The ensuing built-in website would mark the primary of our Bioleum Hubs, whereas offering a beachhead within the quickly increasing European renewable fuels market. We’re very excited to combine this challenge into our portfolio and we look ahead to working with RenFuel and its feedstock and offtake companions.”
Strategic Funding in RenFuel
Along with advancing Comstock’s first business Bioleum Hub, Comstock agreed to offer RenFuel with a $3,000,000 senior secured convertible debt funding to offer further funds to commercialize its breakthrough catalytic esterification know-how, together with improvement of superior joint purposes of RenFuel’s and Comstock’s complimentary applied sciences.
Comstock’s proprietary applied sciences are confirmed to transform 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 equal foundation (“GGE”), and market-leading, extraordinarily low carbon depth (“CI”) scores of 15.
Comstock is already utilizing RenFuel’s catalytic esterification know-how to refine its proprietary Bioleum derivatives into Hydrodeoxygenated Bioleum Oil (“HBO”), to be used by superior biofuel refineries in mixing with, diversifying, and increasing typical hydroprocessed fats, oil, and grease feedstocks that may concurrently produce SAF and Renewable Diesel Gasoline. Comstock holds the unique license to RenFuel’s refining applied sciences in North America, Central America, and South America.
Sven Löchen, RenFuel’s chief government officer, added that:
We’re thrilled with our quickly increasing strategic partnership with Comstock.
“Comstock’s applied sciences and proprietary Bioleum merchandise create a vastly expanded market alternative for our applied sciences worldwide, which Comstock is at present advancing within the Americas. Concurrently, Comstock’s direct funding in RenFuel will assist to assist our continued development and know-how improvement, whereas their management and participation within the JV will construct on our important historic commercialization funding in our deliberate 100,000 ton per yr biorefinery within the European market.”
“We’re trying ahead to working with the JV’s strategic feedstock and offtake companions to incorporate Comstock within the JV commercialization efforts to construct worth for all stakeholders. Our two corporations are strongly aligned on a shared mission and imaginative and prescient of enabling systemic decarbonization and internet zero mobility.”
About RenFuel K2B AB
RenFuel innovates applied sciences that contribute to decarbonization and circularity by successfully turning under-utilized biomass waste and residues into renewable fuels and supplies. To be taught extra, please go to www.renfuel.se.
About Comstock Inc.
Comstock (NYSE: LODE) commercializes applied sciences that allow systemic decarbonization and speed up the power transition by effectively changing under-utilized pure sources into renewable power merchandise, and by leveraging physics primarily based synthetic intelligence for extra environment friendly and efficient mineral and supplies discovery. To be taught extra, please go to www.comstock.inc.
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Comstock Executes First Biorefinery Business Settlement, VIRGINIA CITY, Nev., Dec. 28, 2023
