Comstock (LODE) said late Monday its Comstock Fuels unit signed a binding licensing agreement with Pakistan-based Gresham's Eastern.
The agreement grants Gresham's exclusive rights to deploy Comstock Fuels' patented lignocellulosic biomass refining technologies to produce sustainable aviation fuel and other renewable fuels in Pakistan.
Gresham's will lead the development, financing, construction, and management of the bioleum production facilities, with Comstock Fuels granting site-specific technology licenses in exchange for a 20% equity interest in each facility.
Comstock said its unit will also receive a royalty fee of 6% of each refinery's sales of licensed products, as well as engineering fees equal to 6% of the total capital and construction costs.
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