Tag: Decarbonization

Thursday, April 17, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Partnership with RWE. Comstock Metals entered into a Master Services Agreement with RWE Clean Energy, the U.S. subsidiary of RWE, which operates a renewable energy portfolio of approximately 10 gigawatts. It is the third largest owner and operator of onshore wind, solar, and battery storage in the United States. Comstock Metals will provide RWE with recycling, decommissioning, and logistics services for their U.S. solar installations to ensure a zero-landfill solution for 100% of the recovered solar panel materials.

Industry-scale facility. Comstock Metals has operated a demonstration-scale solar panel recycling facility since 2024. The company generates revenue through service fees for decommissioning, tipping fees for receiving and processing end-of-life solar panels, and offtake sales of high-value recycled materials, including aluminum, copper, glass, and concentrated precious metals. Comstock expects to spend $6 million to build its first large-scale facility in 2025. The project will be commissioned in 2026 and will scale in two phases, with initial capacity of up to 50,000 tons annually by 2026, and then to 100,000 tons annually.

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Monday, March 10, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Investor webinar. On March 6, Comstock hosted a webinar to discuss the company’s full year 2024 results and provided a comprehensive business update. Management highlighted significant accomplishments achieved in 2024 and its plans for 2025.

Upcoming events. While Comstock summarized corporate and subsidiary-level objectives for 2025, we view several as significant. These include: 1) Comstock Fuels’ completion of offtake, joint development, and warrant agreements with Marathon Petroleum Corporation on or before June 30, 2025, 2) completion of a Comstock Fuels Series A financing during the second quarter, 3) construction of Comstock Metals’ first large-scale recycling facility at a cost of $6 million, 4) advancement of project level financing for subsidiary projects, and 5) the sale of Comstock’s properties and water rights in Silver Springs, Nevada in the latter part of 2025.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Monday, March 03, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Marathon investment in Comstock Fuels. Comstock Fuels entered into definitive agreements with subsidiaries of Marathon Petroleum Corporation, including the purchase of $14.0 million in Comstock Fuels equity as part of Comstock’s planned Series A preferred equity financing. Consideration includes $13.0 million in payment-in-kind (PIK) assets comprised of equipment, intellectual property, and other materials at Marathon’s former renewable fuel demonstration facility in Madison, WI. While the PIK assets were transferred as of the February 28 effective date, the cash portion will be received within five business days of Comstock Fuels’ execution of third-party Series A financing agreements totaling at least $25.0 million.

Key elements of the agreements. The agreements included: 1) an agreement for future equity governing the portion of the investment issued in exchange for the PIK assets, 2) an asset transfer agreement to assign the PIK assets, 3) a license agreement covering applicable intellectual property, 4) an agreement to provide post-closing conditions, and 5) a board observer agreement executed as of the effective date. Separately, Comstock executed a commercial lease for the Madison facility at a rate of $44,000 per month.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Tuesday, February 18, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reverse split. Following shareholder approval on February 14, Comstock Inc. announced a reverse split of its common stock at a ratio of 1-for-10, resulting in ~23,767,578 shares outstanding. The reverse split, effective on February 24, will not alter any stockholder’s percentage interest in the company except to the extent that it results in a shareowner owning a fractional share. Fractional shares resulting from the reverse split will be rounded up to the nearest whole share. Comstock’s authorized number of shares of common stock remains 245,000,000. LODE shares will begin trading on a split-adjusted basis when the market opens on February 25.

Greater financial flexibility. The reverse split will increase the number of shares available for issuance should the company need to raise additional capital. We think the company is making significant progress toward commercializing its Comstock Metals and Comstock Fuels businesses. Key elements are coming together for Comstock Fuels to secure project financing to build its first commercial demonstration facility. Comstock Metals currently operates a commercial demonstration facility in Silver Springs, Nevada, and is working toward an industry-scale expansion that will position the company to serve the rapidly expanding solar industry in the western United States.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Monday, February 10, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Term sheet with Marathon Petroleum. Comstock Fuels executed a non-binding term sheet with a subsidiary of Marathon Petroleum Corporation (NYSE, MPC) to negotiate a series of agreements, including: 1) an agreement under which MPC will contribute a combination of assets and cash to Comstock Fuels for conversion into equity on the same terms as Comstock Fuels’ planned Series A financing, 2) an offtake agreement for Marathon to purchase advanced biomass-based intermediates and fuels from Comstock Fuels’ planned commercial demonstration facility, and 3) a joint development agreement for Marathon to provide support services to Comstock Fuels in exchange for a warrant providing Marathon with an option to purchase additional equity in Comstock Fuels.

Oklahoma private activity bond allocation. Separately, Comstock Fuels was approved by the Oklahoma State Treasurer’s Office to issue up to $152 million in qualified private activity bonds to finance its first commercial demonstration biorefining facility in Oklahoma. The bonds are a key component of Comstock Fuels’ capital and financing plans, including funding each of its planned Bioleum refineries in the U.S. with dedicated project financing.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Wednesday, October 23, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Pending transaction with SBC Commerce. Comstock recently executed an indicative term sheet for $325 million, or $315 million net of transaction fees, in funding through SBC Commerce LLC (SBCC), a U.S. based private equity group. The transaction is contingent on final due diligence and applicable regulatory approvals and is expected to close in tranches over the next several months. When the transaction was announced, it contemplated SBCC taking equity ownership positions in each business unit commensurate with the amount of its investment. Increasingly, it appears that a portion of the transactions could include debt which could have implications for our valuation which is currently based on the terms summarized in the original release. 

Third quarter 2024 achievements. Comstock achieved significant milestones during the third quarter, including executing an exclusive license and cooperative research and development agreement with the Department of Energy’s National Renewable Energy Laboratory, executing an international license agreement for three industry scale fuel hubs, recording first revenues from the sale of recycled aluminum and announcing new contracts with new customers for the decommissioning and disposal of solar panels.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Tuesday, October 08, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Acquisition of Quantum Generative Materials (GenMat). Comstock executed an agreement to acquire Quantum Generative Materials, including GenMat’s artificial intelligence materials discovery platform, along with retaining most of the associated technical team. A holding company controlled by Mr. Deep Prasad, GenMat’s founder, will assume control of GenMat’s space-oriented business. GenMat will become a 100%-owned subsidiary of Comstock Inc. and will continue development and commercialization of its physics-based artificial intelligence products and services.

Transaction terms. GenMat will pay $1 million to Mr. Prasad in exchange for the assignment of the rights and related intellectual property. Comstock will make the following payments: 1) $250,000 on the closing date, 2) $250,000 on November 15, 2024, and 3) $500,000 on March 31, 2025. Under terms of the agreement, Mr. Prasad is entitled to a contingent earn-out payment equal to 3% of either the consideration paid in connection with a liquidation of GenMat in excess of $100 million or funds raised by GenMat upon completion of an initial public offering valuing GenMat in excess of $100 million.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Thursday, October 03, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Laying the groundwork for a successful moonshot. Comstock IP Holdings, a wholly owned subsidiary, executed an Exclusive License Agreement (ELA) and Cooperative Research and Development Agreement (CRADA) with the Alliance for Sustainable Energy, the managing and operating contractor of the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). The agreements provide access to technologies developed by NREL and the Massachusetts Institute of Technology (MIT) to convert lignocellulosic biomass into aromatic sustainable aviation fuel (SAF). The goal is to produce the world’s first 100% renewable SAF at costs approaching parity with fossil fuels by integrating Comstock and NREL technologies.

Cooperative Research and Development Agreement. Terms include a three-year scope of work to jointly develop an integrated process based on Comstock and NREL processes and technologies to refine woody biomass into aromatic SAF and other renewable fuels. Comstock will fund the research and contribute staff, equipment, and use of its pilot facility in Wisconsin. The CRADA is expected to result in the construction of a pre-commercial pilot system to affirm requirements needed to scale-up and incorporate the resulting process into Comstock’s planned 50,000 metric ton per year commercial demonstration facility.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Thursday, September 19, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

International license agreement.Comstock Fuels executed a non-binding term sheet to grant SACL Pte. Limited, a Singapore-based renewable fuel project developer, an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Australia and New Zealand. The term sheet includes a master non-exclusive intellectual property license for the sole purpose of developing, financing, constructing, and managing renewable fuels production facilities. SACL has identified initial sites for the construction of three refineries in Australia. 

Terms of the agreement. Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each refinery. Comstock will provide each producer with engineering support in exchange for 3% of each facilities’ capital and construction costs, increasing to 6% at and above a capacity of 250,000 metric tons per year (MTPY), including an upfront payment of $2.5 million payable upon execution of a site license agreement. Comstock Fuels will earn a royalty fee equal to 3% of the total sales of licensed products by each facility, increasing to 6% at and above a capacity of 250,000 metric tons per year.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Wednesday, September 11, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Deinstallation services. In direct response to customer needs, Comstock Metals now provides and manages deinstallation services for customers. Comstock Metals receives a tipping fee for the receipt and storage of end-of-life solar panels and now may receive additional fees for decommissioning and transporting the panels in addition to revenue earned from the recovery of high value minerals and metals from the recycled panels. The company has completed several deinstallations with several others being negotiated or under bid.

Well positioned to grow the customer base. We think the expansion of the company’s product suite to include decommissioning services better positions the company to more rapidly win new business from a broader range of customers. Comstock Metals coordinates and enables the decommissioning of the end-of-life panels from their customer facilities and coordinates the transportation of these panels to Comstock’s facility in Silver Springs where the materials will be processed and recycled. Comstock is engaged with various, nationally recognized commercial customers to decommission, transport, and process end-of-life solar panels installed at their facilities.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.