Comstock Fuels Awarded $3 Million Fuel Incentive from Oklahoma
Comstock Inc. (NYSE: LODE) announced that its subsidiary Comstock Fuels has been awarded a $3 million incentive from Oklahoma's Quick Action Closing Fund. The company will establish its headquarters and construct a next-generation renewable fuel refinery in Oklahoma. The initial Demonstration Scale Facility will process 75,000 metric tons of biomass annually for renewable fuel production, with plans to expand to 1 million metric tons per year for sustainable aviation fuel (SAF) and other renewable fuels production.
The company is currently evaluating multiple locations throughout Oklahoma for the facility's construction. The state was chosen for its vast supplies of untapped woody biomass feedstock sources and its established leadership in the oil and gas sector.
Comstock Inc. (NYSE: LODE) ha annunciato che la sua filiale Comstock Fuels ha ricevuto un incentivi di 3 milioni di dollari dal Quick Action Closing Fund dell'Oklahoma. L'azienda stabilirà la sua sede centrale e costruirà una raffineria di carburante rinnovabile di nuova generazione in Oklahoma. La struttura iniziale per la fase dimostrativa processerà 75.000 tonnellate metriche di biomassa all'anno per la produzione di carburante rinnovabile, con piani per espandere la capacità a 1 milione di tonnellate metriche all'anno per la produzione di carburante per aviazione sostenibile (SAF) e altri carburanti rinnovabili.
Attualmente, l'azienda sta valutando diverse località in Oklahoma per la costruzione della struttura. Lo stato è stato scelto per le sue vaste scorte di biomassa legnosa non sfruttata e per la sua leadership consolidata nel settore del petrolio e del gas.
Comstock Inc. (NYSE: LODE) anunció que su subsidiaria Comstock Fuels ha recibido un incentivo de 3 millones de dólares del Quick Action Closing Fund de Oklahoma. La compañía establecerá su sede central y construirá una refinería de combustible renovable de próxima generación en Oklahoma. La instalación inicial de escala de demostración procesará 75,000 toneladas métricas de biomasa anualmente para la producción de combustible renovable, con planes de expansión a 1 millón de toneladas métricas al año para la producción de combustible de aviación sostenible (SAF) y otros combustibles renovables.
Actualmente, la empresa está evaluando múltiples ubicaciones en todo Oklahoma para la construcción de la instalación. El estado fue elegido por sus vastas reservas de materia prima de biomasa leñosa no aprovechada y su liderazgo establecido en el sector del petróleo y gas.
Comstock Inc. (NYSE: LODE)는 자회사인 Comstock Fuels가 오클라호마의 신속 행동 종료 기금에서 300만 달러의 인센티브를 받았다고 발표했습니다. 이 회사는 오클라호마에 본사를 두고 차세대 재생 가능 연료 정유소를 건설할 계획입니다. 초기 증명 규모 시설은 매년 75,000 메트릭 톤의 바이오매스를 처리하여 재생 가능 연료를 생산할 예정이며, 지속 가능한 항공 연료 (SAF) 및 기타 재생 가능 연료 생산을 위해 연간 100만 메트릭 톤으로 확대할 계획입니다.
현재 이 회사는 시설 건설을 위한 오클라호마 전역의 여러 장소를 평가하고 있습니다. 이 주는 미개발된 목재 바이오매스 원료 공급원이 풍부하며, 석유 및 가스 산업에서 확립된 리더십으로 선택되었습니다.
Comstock Inc. (NYSE: LODE) a annoncé que sa filiale Comstock Fuels avait reçu un incitatif de 3 millions de dollars du Quick Action Closing Fund de l'Oklahoma. L'entreprise établira son siège social et construira une raffinerie de carburant renouvelable de nouvelle génération en Oklahoma. La première installation de démonstration traitera 75 000 tonnes métriques de biomasse par an pour la production de carburants renouvelables, avec des plans pour étendre cette capacité à 1 million de tonnes métriques par an pour la production de carburant d'aviation durable (SAF) et d'autres carburants renouvelables.
Actuellement, l'entreprise évalue plusieurs sites à travers l'Oklahoma pour la construction de l'installation. L'état a été choisi pour ses vastes réserves de biomasse ligneuse inexploitées et son leadership établi dans le secteur pétrolier et gazier.
Comstock Inc. (NYSE: LODE) gab bekannt, dass ihre Tochtergesellschaft Comstock Fuels einen Anreiz von 3 Millionen Dollar vom Quick Action Closing Fund in Oklahoma erhalten hat. Das Unternehmen wird seinen Hauptsitz errichten und eine moderne Raffinerie für erneuerbare Brennstoffe in Oklahoma bauen. Die anfängliche Demonstrationsanlage wird 75.000 metrische Tonnen Biomasse pro Jahr zur Produktion erneuerbarer Brennstoffe verarbeiten, mit dem Plan, auf 1 Million metrische Tonnen pro Jahr für die Produktion von nachhaltigem Flugbenzin (SAF) und anderen erneuerbaren Brennstoffen zu expandieren.
Das Unternehmen bewertet derzeit mehrere Standorte in ganz Oklahoma für den Bau der Anlage. Der Bundesstaat wurde aufgrund seiner umfangreichen ungenutzten Holzbiomasse-Rohstoffquellen und seiner etablierten Führungsposition im Öl- und Gassektor ausgewählt.
- Secured $3 million government incentive from Oklahoma
- Plans to establish new headquarters and renewable fuel refinery in Oklahoma
- Initial facility to process 75,000 metric tons of biomass annually
- Future expansion plans to increase capacity to 1 million metric tons annually
- None.
Insights
VIRGINIA CITY, Nev., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced that Comstock Fuels Corporation, (“Comstock Fuels”), an industry leader in extremely high yielding advanced lignocellulosic biomass refining solutions, including sustainable aviation fuel (“SAF”), renewable diesel, and other fuels, has been approved for a
“Oklahoma is a long-established leader in the oil and gas sector, pioneering innovations and contributing significantly to the nation's energy independence,” said David Winsness, President of Comstock Fuels. “Our development team has been rigorously assessing feedstocks, sites, offtakes and incentives across the country and Oklahoma’s economic development teams have been exceptional.”
Comstock Fuels is currently assessing multiple locations throughout Oklahoma for the construction of an initial Demonstration Scale Facility capable of processing 75,000 metric tons of biomass per year for renewable fuel production. Following the successful launch and operation of that facility, Comstock Fuels plans to expand its processing capacity to 1,000,000 metric tons per year for production of sustainable aviation fuel and other renewable fuels.
“Oklahoma’s vast supplies of previously untapped feedstock sources have positioned the state to lead the country in new sources of sustainable oil production from woody biomass,” said Chad Michael Black, Director of Business Development for Comstock Fuels. “We’re proud to call Oklahoma home, excited for what this enables and very thankful to Governor Stitt and the Oklahoma Department of Commerce for the cash incentive granted under this agreement.”
“We are thrilled that Comstock Fuels has chosen Oklahoma to establish its headquarters,” said Evan Brown, Executive Director of EDGE, a division of Oklahoma Department of Commerce. “Oklahoma is a proud oil and gas state with a history of energy innovation, and Comstock’s sustainable aviation fuel technology, which blends with petroleum, fits perfectly with our approach to energy. Our goal is to be the most business-friendly state in the country, and I look forward to working with David, Chad and the entire Comstock team and supporting their efforts to relocate and bring high-paying jobs to Oklahoma.”
About Comstock Fuels Corporation
Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of SAF, renewable diesel, gasoline, cellulosic ethanol and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 125 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock Fuels plans to directly build, own, and operate a network of Bioleum Refineries in the U.S., including an initial Demonstration Scale Facility to validate its fully integrated process at 75,000 tons per year, paving the way for rapid full-scale commercialization. Comstock Fuels also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to global decarbonization and the clean energy transition by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com
For media inquiries:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com
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.
FAQ
What is the value of the incentive awarded to Comstock Fuels (NYSE: LODE) by Oklahoma?
What is the planned processing capacity of Comstock Fuels' initial demonstration facility in Oklahoma?
What is the planned expansion capacity for Comstock Fuels' Oklahoma facility?
What types of renewable fuels will Comstock (NYSE: LODE) produce at its Oklahoma facility?
Why did Comstock Fuels choose Oklahoma for its new headquarters and facility?
