LODE | Market Cap: $317.3M (07/13/26)
Industry:
Renewable & Alternative Energy

DESCRIPTION

Comstock is an early-stage clean technology company with two core platforms: solar panel recycling (Comstock Metals) and renewable fuels (Bioleum). Comstock Metals operates a demonstration-scale facility in Silver Springs, Nevada, using a proprietary thermal delamination process to recycle end-of-life solar panels into aluminum, glass, and silver-rich tailings — with zero landfill output. Comstock is R2v3 certified as the only zero-landfill solar panel recycler in North America. Customers are primarily large utilities that pay Comstock a tipping fee (~$500/ton) to take panels off their hands, relieving them of environmental liability. Comstock earns additional revenue selling recovered materials (~$250/ton), for a combined ~$750/ton. Management claims fully variable costs below $35/ton, implying very high margins at scale. Comstock is building its first industry-scale facility (~100,000 tons/year) targeting commissioning in Q1 2026, with further U.S. expansion planned through 2028 and eventual international licensing. Bioleum converts woody biomass into renewable fuels including SAF and renewable diesel. Bioleum is pre-revenue at commercial scale and is being funded independently; Marathon Petroleum made a Series A investment in early 2025. Comstock also holds Nevada mining claims in the historic Comstock Lode district and minority stakes in Green Li-ion and a northern Nevada real estate fund, both managed as monetization opportunities rather than operating businesses.

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