Comstock Fuels Corporation announced on November 20, 2024, the execution of a binding amendment to an existing agreement with SACL Pte. Limited, a Singapore-based renewable fuel project developer. This amendment grants SACL an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Vietnam, adding a fourth planned site to SACL's portfolio, alongside three existing sites in Australia.
The four Bioleum Refineries are estimated to have a total construction cost exceeding $4.0 billion and are projected to produce approximately 280 million gasoline gallon equivalents (GGE) of sustainable aviation fuel (SAF) and other renewable fuels from lignocellulosic biomass. An additional 180 million GGE will be produced from vegetable oils, with projected annual sales exceeding $3.0 billion at current prices.
Under the terms, Comstock Fuels will contribute site-specific technology rights in exchange for a 20% equity stake in each Bioleum Refinery, a 6% royalty fee on sales of licensed products, and 6% engineering fees on total construction costs. An initial upfront payment of $2,500,000 is payable upon the execution of each site-specific license agreement, marking a substantial step in Comstock Fuels' global commercialization strategy.
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