Comstock (LODE) said Friday its Comstock Fuels unit has entered into a series of agreements with Marathon Petroleum (MPC) subsidiaries for the purchase of $14 million in Comstock Fuels equity to advance lignocellulosic biomass refining to commercial maturity.
Under the terms of the deals, Marathon will pay Comstock $1 million in cash and $13 million in-kind assets and other materials from a Marathon renewable fuel facility in Wisconsin, Comstock said, adding that it will use the facility to increase its current pilot production capabilities.
The deal includes an arrangement to finalize an offtake agreement, joint development agreement, and warrant agreement on or before May 31, Comstock said.
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