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ReGen III Invited to Prepare Part II Application for U.S. Department of Energy Loan Guarantee
Company achieves milestone toward securing DOE-guaranteed loan to advance production of sustainab...
About this update from Regen Iii Corp
[{"type":"text","content":"ReGen III Invited to Prepare Part II Application for U.S. Department of Energy Loan GuaranteeCompany achieves milestone toward securing DOE-guaranteed loan to advance production of sustainable Group III base oils through patented ReGen(TM) processVancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (\"ReGen III\" or the \"Company\"), a leading clean technology company commercializing the patented ReGen™ process to upcycle used motor oil (\"UMO\") into high-value Group III base oils, today announces that the Loan Programs Office (\"LPO\") of the Department of Energy (\"DOE\") has informed the Company that its 5,600 barrel per day RG3 Texas LLC Project meets the definition of an eligible Innovative Energy Project, marking a milestone in the application process. This determination by the LPO enables ReGen III to commence its Part II Application for a loan guarantee (the \"Part II Application\") under Title 17 of the Energy Policy Act of 2005. The DOE-guaranteed loan, if awarded, would provide non-dilutive financing for up to 70% of eligible project costs associated with the engineering and construction of the Company's proposed UMO re-refinery in Texas City, TX. ReGen III's Part I application submission to LPO followed a detailed pre-application consultation process with the DOE. The submission of the Company's application was the culmination of many months of work during which time the Company's technology and business plans were vetted by the DOE for Title 17 eligibility. ReGen III's Part I application pulled together project data from the Company's personnel and consultants, greenhouse gas emissions inventory and lifecycle analysis work by GHD Services Inc., financial model and data support by National Bank Financial Inc., application advisory services provided by Raymond James & Associates Inc., and legal inputs and considerations from Akin Gump Strauss Hauer & Feld.\"We are extremely proud to have met the rigorous requirements of the LPO's Part I Application,\" says Greg Clarkes, CEO of ReGen III Corp. \"As we pursue both equity and non-dilutive project financing, this achievement demonstrates to investors, offtake parties, and other stakeholders that our project meets the innovative and sustainable standards set forth by the Title 17 Clean Energy...