Comstock Mining executes first biorefinery commercial agreement

Comstock has executed agreements with RenFuel K2B AB to advance Comstock’s first commercial biorefinery, including an option to acquire a subsidiary of RenFuel, or JV. The JV has previously completed 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 and renewable diesel in Europe. Comstock also committed to a strategic $3M 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. RenFuel granted Comstock the right to acquire a majority stake in the JV as part of the consideration paid under Comstock’s investment. RenFuel and the JV have previously entered into agreements with a strategic investor with renewable fuel refining assets in Europe. The investor intends to make additional investments in increased renewable fuel capacity at some of its existing refineries. Comstock holds the exclusive license to RenFuel’s refining technologies in North America, Central America, and South America.