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Comstock (LODE) Amends Its Partnership Deal With RenFuel
ComstockComstock(US:LODE) ZACKSยท2024-06-11 16:55

Core Viewpoint - Comstock is revising its agreements with RenFuel to enhance their partnership and expand their market presence in Europe, particularly in the development of biorefinery projects and sustainable fuel production. Group 1: Company Developments - Comstock has announced amendments to its agreements with RenFuel K2B AB, focusing on the development of a biorefinery project in Sweden and broadening their partnership scope in European markets [6] - The amendments allow for the liquidation of RenFuel's majority-owned subsidiary, RenFuel K2B Lignolproduktion AB, which was initially formed for a joint venture with Preem [1] - Comstock aims to construct commercial facilities in the Americas, including a 50,000 TPY facility and at least one 1,000,000 TPY facility for converting biomass into Sustainable Aviation Fuel and Renewable Diesel [2] Group 2: Financial Performance - Comstock reported a quarterly loss of 6 cents per share in Q1 2024, which was wider than the Zacks Consensus Estimate of a 4-cent loss, with revenues of $0.43 million for the quarter [11] - LODE shares have experienced a significant decline of 68% over the past year, contrasting with the industry growth of 7.3% [3] Group 3: Market Position and Technology - Comstock has utilized RenFuel's patented catalytic esterification technology to refine Bioleum derivatives into Hydrodeoxygenated Bioleum Oil, which can produce both Sustainable Aviation Fuel and Renewable Diesel [7] - The expanded partnership positions both Comstock and RenFuel for larger-scale commercial facility management based on their joint technologies in Europe [10]