Comstock Inc. (LODE), Friday announced that its subsidiary, Comstock Fuels Corp., has secured a strategic investment of $14 million from Marathon Petroleum Corp. (MPC) to advance its lignocellulosic biomass refining solutions to commercial maturity.
The investment comprises of $1 million in cash, and $13 million in payment-in-kind assets from Marathon's renewable fuel demonstration facility in Madison, Wisconsin.
The company added that the transaction documents included Comstock Fuels' board observation rights for Marathon and reiterated the parties' commitment to finalize an offtake agreement, joint development agreement, and warrant agreement on or before May 31, 2025.
In the pre-market hours, Comstock's stock is trading at $2.57, up 7.08 percent on the New York Stock Exchange American, and Marathon's stock is trading at $147.98 on the New York Stock Exchange.
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