Comstock Completes RenFuel Investment
VIRGINIA CITY, Nev., April 24, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of agreements with RenFuel K2B AB (“RenFuel”) wherein Comstock is investing up to $3,000,000 over three years to support commercialization of joint development applications for RenFuel and Comstock complementary renewable fuel technologies, and the continued development of the 100,000 metric ton per year (“TPY”) biorefinery joint venture project in Sweden.
- VIRGINIA CITY, Nev., April 24, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of agreements with RenFuel K2B AB (“RenFuel”) wherein Comstock is investing up to $3,000,000 over three years to support commercialization of joint development applications for RenFuel and Comstock complementary renewable fuel technologies, and the continued development of the 100,000 metric ton per year (“TPY”) biorefinery joint venture project in Sweden.
- The applicable investment agreements require the purchase of up to $3,000,000 in 7% senior secured convertible notes funded in quarterly installments of $250,000 for three years.
- Comstock has already invested the first $350,000 of this investment.
- Comstock holds the exclusive license to RenFuel’s refining technologies in North America, Central America, and South America and available for global distribution.