GREAT NEWS OUT $$$$$$$$$$
COMSTOCK FUELS COMPLETES ALL VALIDATION MILESTONES
Executes Exclusive License for Proven Refining Process
VIRGINIA CITY, NEVADA, October 17, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced completion of all milestones required for the scale-up of its proprietary lignocellulosic biomass refining process, culminating in the execution by its wholly owned subsidiary, Comstock Fuels Corporation (“Comstock Fuels”), of an exclusive license agreement with RenFuel K2B AB (“RenFuel”) for use of RenFuel’s patented catalytic esterification process to refine Comstock Fuel’s proprietary Bioleum™ biointermediates in North America, Central America, and South America.
Comstock Fuels converts 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 Fuels achieves those results in part by catalytic esterification and hydrodeoxygenation of Bioleum™ into Hydrodeoxygenated Bioleum™ Oil (“HBO”), which is then sold to advanced biofuel refineries for use in blending with, diversifying, and extending conventional hydroprocessed fat, oil, and grease (“FOG”) feedstocks in the production of Sustainable Aviation Fuel and Renewable Diesel Fuel.
Catalytic esterification is a refining step that involves novel variations of patented intellectual properties developed and owned by RenFuel K2B AB. On April 28, 2023, Comstock Fuels entered into a Memorandum of Understanding with RenFuel to obtain an exclusive license for use of RenFuel’s technologies subject to process validation, which has been recently completed. Consequently, on October 11, 2023, Comstock Fuels entered into an Exclusive License Agreement with RenFuel for use of its patented process in North America, Central America, and South America. The license also includes non-exclusive rights to sell the resulting products globally.
“We are focused on commercialization of industry leading decarbonization solutions,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “The agreement with RenFuel complements our existing technology portfolio and marks the culmination of comprehensive process validation efforts completed over the past eighteen months. We are especially excited by this progress since validation has been a critical prerequisite to closing multiple ongoing sales discussions as well as enabling accelerated commercialization as we capitalize on the explosive growth in renewable fuels.”
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.
Comstock Fuels produces proprietary lignocellulosic feedstock made from cellulosic biomass as compliant, drop-in biointermediate blends to diversify fat-based feedstock portfolios for advanced biofuel refineries. To learn more, please visit www.comstockfuels.com. Comstock Fuels is a wholly owned subsidiary of Comstock Inc.
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