Comstock purchases all equipment for solar panel recycling facility for $10.5M

Comstock announced that on August 15, immediately following the company’s previously announced public equity offering, that it had immediately placed all of the purchase orders and paid deposits totaling $5.1M toward the purchase of all of the equipment for its 100,000 ton per year, certified zero-landfill industry-scale solar panel recycling facility to be located in Silver Springs, Nevada. The total purchase price for all the equipment is approximately $10.5M. The company also plans on spending an additional $1.5M for expanded storage capacity, utility upgrades and commissioning of the facility. “Our equity offering represented a remarkably broad and deep representation of some of the best institutional investors with proceeds dedicated to funding the capital expenditures for our first industry-scale facility, the operating expenses required to reach sustained profitability and the extinguishment of debt and other obligations. Our balance sheet has never been stronger as we are now rapidly deploying our industry leading technology and customer solutions,” stated Corrado De Gasperis, executive chairman and CEO of Comstock Inc. (LODE) “The recycling growth opportunities have developed better and faster than our original plans, and we have now attracted some of the most sophisticated partners for investment, feedstock, operations, and offtake.” Comstock Metals has now been operating its first commercial demonstration facility for over 18 months and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility. Comstock Metals’ billable revenues are expected to be eight times greater in 2025, as compared to 2024, or currently projected to be over $3.5M.