Comstock Inc. ( LODE ) shares are trading higher premarket on Tuesday after it announced that its business, Comstock Fuels, has been approved for a $3 million incentive award from the Oklahoma Department of Commerce’s Quick Action Closing Fund.

Comstock Fuels will use the funds to establish its headquarters and build a next-generation renewable fuel refinery in Oklahoma.

Comstock Fuels is evaluating multiple locations in Oklahoma for the construction of its initial Demonstration Scale Facility, which will process 75,000 metric tons of biomass annually for renewable fuel production.

After successfully launching and operating this facility, Comstock Fuels plans to expand its processing capacity to 1 million metric tons per year to produce sustainable aviation fuel and other renewable fuels.

David Winsness, President of Comstock Fuels, said, “Our development team has been rigorously assessing feedstocks, sites, offtakes and incentives across the country and Oklahoma’s economic development teams have been exceptional.”

Evan Brown, Executive Director of EDGE, a division of Oklahoma Department of Commerce, added, “Oklahoma is a proud oil and gas state with a history of energy innovation, and Comstock’s sustainable aviation fuel technology, which blends with petroleum, fits perfectly with our approach to energy.”

Price Action: LODE shares are up 9.14% at $0.3964 premarket at the last check Tuesday.

Read Next:

Colorado EV Drivers Rejoice: ChargePoint Powers Highways with 33 Fast-Charging Sites

Image via Shutterstock.