Comstock Fuels establishes headquarters in Oklahoma City, supported by state grants to expand biomass refining operations and create jobs.
Quiver AI Summary
Comstock Inc. announced the establishment of its subsidiary, Comstock Fuels Corporation, headquarters in Oklahoma City, signaling a significant step in its growth as a leader in biomass refining solutions. This development triggers the first of three $1 million awards from the Oklahoma Department of Commerce's Quick Action Closing Fund, underscoring the state's support for energy initiatives. The new headquarters will facilitate the expansion of Comstock Fuels' operations, including the construction of a commercial demonstration facility in Oklahoma aimed at producing various renewable fuels. The $3 million grant will help advance economic development in the area, creating new jobs within the energy sector. Comstock Fuels, which has ambitious plans for a network of Bioleum Refineries across the U.S., expressed enthusiasm about their growth trajectory in Oklahoma.
Potential Positives
- Comstock Fuels Corporation's new headquarters in Oklahoma City is a strategic move that supports the company's expansion and operational growth in the energy sector.
- The establishment of the headquarters triggers a $1 million award from the Oklahoma Department of Commerce, showcasing the state's commitment to supporting energy development initiatives.
- The planned construction of a commercial demonstration facility in Oklahoma is set to generate new employment opportunities and stimulate economic growth within the state's energy sector.
- The initiative aligns with Comstock's goals to produce renewable fuels and contribute to domestic energy dominance, establishing a foundation for future projects across the U.S.
Potential Negatives
- The press release highlights significant reliance on state incentives for funding, which could indicate a lack of sufficient financial viability or independence for the company's operations.
- Setting up the corporate headquarters and the construction of a commercial demonstration facility are contingent on various state and operational factors, increasing uncertainty about the company's ability to execute its growth plans.
- The extensive forward-looking statements may create skepticism among investors regarding the company's actual ability to achieve its ambitious growth and production targets, given the numerous risks and uncertainties mentioned.
FAQ
What is the significance of Comstock Fuels Corporation's new headquarters in Oklahoma City?
Establishing its headquarters in Oklahoma City supports Comstock Fuels' growth and strengthens its operations in the energy sector.
How much funding has Comstock Fuels received from the Oklahoma Department of Commerce?
Comstock Fuels has received a $3 million grant from the Quick Action Closing Fund to support its relocation and development projects.
What types of renewable fuels will Comstock Fuels produce at its new facility?
Comstock Fuels will produce cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (SAF), and other renewable fuels.
How does the establishment of Comstock Fuels' headquarters impact employment in Oklahoma?
The new headquarters and commercial facility are expected to create new job opportunities and stimulate economic growth in Oklahoma.
What future plans does Comstock Fuels have for its Bioleum Refineries?
Comstock Fuels plans to build a network of Bioleum Refineries across the U.S., refining 50 million tons of biomass annually by 2035.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
OKLAHOMA CITY, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE American: LODE) today announced that its subsidiary, Comstock Fuels Corporation (the “Company”), a leader in advanced lignocellulosic biomass refining solutions, has established its corporate headquarters in Oklahoma City, Oklahoma. The completion of this strategic milestone triggers the first of three $1 million awards from the Oklahoma Department of Commerce's Quick Action Closing Fund, highlighting Oklahoma’s commitment to fostering energy development.
Comstock Fuels' new headquarters will be located in Northwest Oklahoma City, providing a central hub for its expanding operations. “We're excited to establish our headquarters and rapidly expand our presence in Oklahoma, a state with a strong pedigree for energy and a wealth of resources for supporting our industry,” said David Winsness, President of Comstock Fuels. “This accelerates our growth and supports domestic energy dominance as we begin to build a network of Bioleum Refineries across the U.S., starting right here in Oklahoma.”
The relocation was incentivized by a $3 million grant award, from the Oklahoma Department of Commerce's Quick Action Closing Fund, which supports economic development and infrastructure projects throughout the state. This initiative is anticipated to generate new employment opportunities and stimulate economic growth within Oklahoma's energy sector as Comstock Fuels builds its first planned 75,000 metric ton per year (“MTPY”) commercial demonstration facility in Oklahoma, where it will produce cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels with Comstock’s proprietary biomass refining solutions.
"We're thrilled to welcome Comstock Fuels to Oklahoma and congratulate them on their success,” said Evan Brown, Executive Director of EDGE. “Oklahoma’s rich history of energy innovation and business-friendly environment makes our state the perfect choice for this type of investment.”
Comstock Fuels is currently assessing multiple, qualified locations in Oklahoma for the construction of its initial commercial demonstration facility, that once secured, triggers the second of the three $1 million grant payments.
About Comstock Fuels Corporation
Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 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. to refine 50 million tons of biomass annually into 8 billion gallons of renewable fuel by 2035, starting with its first 75,000 TPY commercial demonstration facility in Oklahoma. 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 energy abundance 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. 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
[email protected]
For media inquiries
:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
[email protected]
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.