Comstock Fuels Secures $152M Bond Allocation for Oklahoma Biofuel Project

Comstock Fuels Corporation, a subsidiary of Comstock Inc. (NYSE: LODE), has received a significant boost for its renewable energy ambitions with the approval of up to $152 million in qualified private activity bonds by the Oklahoma State Treasurer's Office. This allocation, sponsored by the Oklahoma Development Finance Authority (ODFA), will support the construction of Comstock Fuels' first 400,000 barrel per year commercial demonstration facility in Oklahoma.

The allocation consists of funds from the Oklahoma Economic Development Pool, the Oklahoma Exempt Facilities Pool, and the Oklahoma Carryforward Pool. This tax-efficient, municipal revenue bond allocation, combined with direct Oklahoma-based grants and a growing group of strategic investors, is helping Comstock Fuels rapidly achieve the critical prerequisites for securing project financing. The company is also close to selecting an investment banking partner to facilitate the bond placement and underwriting.

Comstock Fuels' advanced lignocellulosic biomass refining solutions set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (SAF), and other renewable Bioleum™ 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"), Comstock Fuels is well-positioned to contribute to domestic energy dominance and regional energy security.

Oklahoma's support for Comstock Fuels' project aligns with the state's energy infrastructure goals, focusing on innovation, sustainability, and economic growth. The establishment of Comstock Fuels' headquarters and the construction of a renewable fuel refinery in Oklahoma will bring high-paying jobs to the state, contributing to its economic development goals. Additionally, Oklahoma's vast supplies of previously untapped woody biomass position the state to lead the country in new sources of sustainable oil production.

Comstock Fuels' technology, which blends with petroleum, fits perfectly with Oklahoma's approach to energy, further strengthening the state's commitment to supporting the project. The combination of Oklahoma's tax-efficient, municipal revenue bond allocation, direct grants, and strategic investors significantly enhances the financial feasibility of Comstock Fuels' project, enabling the company to accelerate its plans for building and operating a network of Bioleum Refineries in the U.S.

In conclusion, Comstock Fuels' approval for the $152 million allocation of qualified private activity bonds is a major milestone in the company's quest to revolutionize the renewable energy landscape. With strong support from Oklahoma and a robust financial foundation, Comstock Fuels is poised to make a significant impact on domestic energy production and sustainability.