Comstock expands partnership with RenFuel

Comstock Inc. announced June 10 advances on amended agreements with RenFuel K2B AB involving the development of RenFuel’s preexisting, planned biorefinery project at a pulp-and-paper mill in Sweden.

The amendments also anticipate expanding the scope of the Comstock partnership with RenFuel in the European markets.

These amendments support the liquidation of RenFuel K2B Lignolproduktion AB, a majority-owned RenFuel subsidiary originally formed to administer RenFuel’s previously planned Swedish biorefinery as part of a joint venture with Preem.

According to Comstock, this arrangement better positions both parties for construction and operation of a larger-scale commercial facility based on the joint Comstock-RenFuel technologies throughout Europe, following construction of Comstock’s first planned facilities in the Americas.

Comstock noted that the liquidation of the RenFuel-Preem joint venture does not alter any of the agreements or terms between Comstock and RenFuel other than Comstock declining its option to step into the joint venture.

Neither Comstock nor RenFuel have any funding obligations into the joint venture and are not subject to any of the liquidation proceedings.

“The subsidiary liquidation is important to streamlining our structure in anticipation of scaling our process together with Comstock’s planned facilities, both in the Americas and Europe,” said RenFuel CEO Sven Löchen.

“We are excited by our partnership and the significantly expanded markets of our joint technologies,” Löchen added.

Corrado De Gasperis, Comstock’s executive chairman and CEO, added, “Comstock has decided to prioritize various opportunities for construction commercial facilities based on joint applications of Comstock’s and RenFuel’s technologies in the Americas, including an initial 50,000-ton-per-year (tpy) facility and at least one 1 million tpy facility primarily designed to convert qualified biomass feedstocks into sustainable aviation fuel (SAF) and renewable diesel. This is consistent with all of the ongoing discussions with our strategic and capital partners.”

Comstock’s proprietary technologies convert lignocellulosic biomass into cellulosic ethanol and proprietary Bioleum biointermediate blends at yields exceeding 100 gallons per dry ton of biomass on a gasoline gallon-equivalent basis (GGE) and carbon-intensity (CI) scores of 15, according to Comstock.

Comstock is already using RenFuel’s patented catalytic esterification technology to refine its proprietary Bioleum derivatives into hydrodeoxygenated Bioleum oil (HBO) for use by advanced biofuel refineries in blending with, diversifying and extending conventional hydroprocessed fat, oil and grease feedstocks that can simultaneously produce SAF and renewable diesel fuel.

Comstock holds the exclusive license to RenFuel’s refining technologies in North, Central and South America.