Comstock executes existing binding agreement with SACL

Comstock announced execution of a binding amendment to an existing agreement between Comstock Fuels and SACL, a Singapore-based renewable fuel project developer, under which Comstock Fuels agreed to grant SACL an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Vietnam. The amendment was executed to increase SACL’s territory to facilitate the financing, construction, and operation of SACL’s first planned site in Vietnam, in addition to three existing sites currently under development in Australia, now totaling over 460M gallons of renewable fuels, with an emphasis on sustainable aviation fuel, or SAF. SACL and its stakeholders previously identified three qualified sites for the construction of three Bioleum Refineries based on Comstock Fuels’ industry leading yields and decarbonizing impact, including a 250,000 metric ton per year, or MTPY, refinery located near Portland, Victoria, Australia, a 250,000 MTPY refinery located near Moree, New South Wales, Australia, and a 750,000 MTPY refinery located near Mackay, Queensland, Australia. However, SACL is actively evaluating additional projects for development in the Pacific Rim, including SACL’s now-planned new 750,000 MTPY Bioleum Refinery in Quang Tri Province, Vietnam. Under the terms of Comstock Fuels’ agreement with SACL, Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each Bioleum Refinery, plus a royalty fee equal to 6% of each refinery’s sales of licensed products, and engineering fees equal to 6% of total construction costs. At least one of the Bioleum Refineries will initially start with a capacity of 75,000 MTPY. Together, all four Bioleum Refineries will have an estimated total construction cost of over $4.0B and produce approximately 280M gasoline gallon equivalent basis, or GGE, of sustainable aviation fuel, and other renewable fuels from lignocellulosic biomass, and about another 180M GGE from vegetable oils, with over $3.0B per year in sales at current prices.