Comstock’s LiNiCo Receives Permit for Lithium-Ion Battery Storage
October 10 2022 - 6:45AM
Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced it had received unanimous approval by the Lyon County
Board of County Commissioners (“BoCC”) for the Conditional Use
Permit (“CUP”) requested by LINICO Corporation (“LiNiCo”) to
operate a lithium-ion battery (“LIB”) pre-recycling storage
facility at a nearly 200 acre industrial property in Mound House,
Nevada.
LiNiCo’s LIB storage facility resides in one of
the largest industrial parks in Lyon County, Nevada, with ample
power, water and immediate highway access. The facility will
receive, sort, and store waste LIBs, with capacity for expansion
and possible crushing and separating operations, to supplement
LiNiCo’s 137,000 square foot battery metal recycling facility
located in the Tahoe Reno Industrial (“TRI”) Center in Storey
County, Nevada (“TRI Facility”).
“The receipt and storage of these batteries
represent an essential component of our regional supply chain for
recycling these critical metals,” stated Mr. Corrado De Gasperis,
LiNiCo’s executive chairman and chief executive officer. “We are
thrilled with Lyon County’s support as we secure this fundamental
piece of the eco-system necessary for receiving, storing and
ultimately recycling waste LIBs.”
Electrification and continued advancements in
energy storage are vitally necessary to reduce reliance on fossil
fuels. According to International Energy Agency (“IEA”),
there were more than 10 million electric vehicles (“EVs”) on the
road in 2020, with new EV registrations increasing by 41% over 2019
and another 140% during the first quarter of 2021. Meeting the
increased EV demand is estimated to require about five
times more lithium carbonate equivalent (“LCE”) than the
entire lithium mining industry produces today. Miners and
manufacturers may eventually scale up to meet that demand, however,
according to a January 2021 USGS mineral commodity summary, there
are only about 86 million tons of identified lithium
reserves worldwide, and LIBs are typically landfilled
after eight to ten years of use. In short, lithium demand is
increasing globally, and a tsunami of lithium recycling demand is
coming as new electrification products are deployed and age out of
use.
De Gasperis concluded, “LiNiCo’s technologies
are designed to meet the realities of this existing and rapidly
growing demand by enabling profitability at the earliest stages of
production. We are very pleased to receive the second of three
major permits and we look forward to receiving our air quality
permit for the TRI Facility, the final major permit, so we can
commence recycling during 2023.”
About LiNiCo Corporation
LiNiCo Corporation (“LiNiCo”) holds the rights
to an intellectual property portfolio of innovative processes that
efficiently crush, separate and condition LIB materials, while
developing new technologies for extracting lithium and graphite,
and the ultimate reuse of the recovered metals to produce 99% pure
precursor cathode active materials. Collectively, these
technologies give LiNiCo, and its existing battery metal recycling
and LIB storage facilities, differentiating competitive
advantages.
About Comstock Inc.
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 complementary process solutions and related
services, and by licensing selected technologies to qualified
strategic partners. To learn more, please visit
www.comstock.inc.
Forward-Looking Statements
This press release and any related calls or
discussions may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, are
forward-looking statements. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” “plan,” “should,” “intend,”
“may,” “will,” “would,” “potential” and similar expressions
identify forward-looking statements, but are not the exclusive
means of doing so. Forward-looking statements include statements
about matters such as: future industry market conditions; future
explorations or acquisitions; future changes in our exploration
activities; future changes in our research and development; and
future prices and sales of, and demand for, our products and
services. Except as may be required by securities or other law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Neither this press release nor any related call
or discussion constitutes an offer to sell, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund or any other issuer.
Contact information: |
|
|
|
|
|
Comstock Inc.P.O. Box 1118
Virginia City, NV 89440www.comstock.inc |
Corrado De GasperisExecutive
Chairman & CEOTel (775) 847-4755degasperis@comstockinc.com |
Zach SpencerDirector of
External RelationsTel (775) 847-5272
Ext.151questions@comstockinc.com |
Comstock (AMEX:LODE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Comstock (AMEX:LODE)
Historical Stock Chart
From Apr 2023 to Apr 2024