LODE - Comstock Metals Executes Orders for End-of-Life Solar Panel Recycling | Benzinga
VIRGINIA CITY, Nev., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE:LODE) ("Comstock" and the "Company"), an innovator of technologies that enables systemic decarbonization by efficiently converting under-utilized natural resources into renewable energy products, announced today that it has secured sufficient supplier commitments to begin commissioning the Company's first photovoltaic recycling facility upon receipt of the necessary permits.
The world remains focused on the production of energy generation and storage technologies to reduce reliance on fossil fuels, and especially photovoltaics. The substantial majority of solar panels have been deployed in the southwest region of United States, primarily California, Nevada, and Arizona with a remarkable acceleration of the decommissioning of these end-of-life solar panels occurring now.
"A critical 2023 objective was securing revenue-generating orders for recycling decommissioned solar panels in our first facility," stated Corrado De Gasperis, Comstock's Executive Chairman and Chief Executive Officer. "The associated clients are ready to begin supplying decommissioned panels to our demonstration-scale facility on a continuous basis. Our technology and renewable solutions provide a superior alternative to landfilling these polluting materials."
Comstock Metals is currently deploying a demonstration system that commercializes technologies for efficiently crushing, conditioning, extracting, and ultimately recycling metal and mineral concentrates from photovoltaics and other electronic devices. Comstock Metals previously received a storage permit and expects to receive the remaining permits (e.g., air quality and solid waste) shortly to commence receiving, commissioning and then processing these end-of-life panels as scheduled in early 2024.
"We represent a safe, zero-landfill, end-of-life solution for solar installers, landfills, and utility-scale solar developers and generators, serving the entire Southwestern US and beyond," said Dr. Fortunato Villamagna, President of Comstock Metals. "Large volumes of end-of-life photovoltaic materials are rapidly becoming available from large solar fields, effectively creating an environmental dilemma for our ecosystem. Comstock's solution ensures the safe deconstruction, decontamination, separation, and productive reuse of important and precious metals contained in end-of-life photovoltaic materials."
Comstock Metals objectives for 2024 include receiving the final permits early in the new year, completing commissioning of photovoltaic material recycling, commencing production, expanding our existing revenue generating supply commitments, and then finalizing the design and site selection for our first "industry-scale" production facility.
"We have rapidly taken a leadership position in this huge, readily available, and rapidly growing photovoltaic market," concluded De Gasperis. "We have secured more than sufficient supply for our demonstration facility, and we are already negotiating agreements with major customers for industry-scale supply agreements. This will accelerate efforts for our first industry-scale facility."
Comstock's Q4 2023 Perception Analysis Report
Comstock's investor relations firm, RB Milestone Group LLC ("RBMG"), is compiling results from an investor survey that stakeholders have begun to participate in following the Company's Q3 earnings call on October 26th. Comstock and the RBMG team would appreciate your contribution as it will help further define the trends across the Company's strengths, weaknesses ...