12:35 PM EDT, 09/18/2024 (MT Newswires) -- Comstock (LODE) said Wednesday it signed an agreement with Singapore-based SACL to exclusively market Comstock Fuels' advanced lignocellulosic biomass refining processes in Australia and New Zealand.

SACL has identified three initial sites in Australia for biofuel refineries, the company said.

Comstock Fuels will contribute site-specific technology in exchange for a 20% equity stake in each refinery, plus royalty fees of 6% on each refinery's sales of licensed products and engineering fees equating to 6% of total capital and construction costs, it said.

The SACL refineries are expected to cost approximately $2.4 billion and produce more than 160 million gallons of gasoline and other fuels from lignocellulosic biomass as well as 140 million gallons from vegetable oils on a gasoline gallon equivalent basis. Annual sales are expected at over $1.5 billion based on current market prices.

Comstock Fuels is also advancing its own projects in the US, with plans for four facilities that will collectively produce 700 million gallons per year of renewable fuels from woody biomass and vegetable oils, the company said.

Price: 0.36, Change: +0.06, Percent Change: +19.00