Vancouver, British Columbia--(Newsfile Corp. - March 4, 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, is pleased to announce that the Company's subsidiary, RG3 Texas LLC, has submitted Part I of its application to the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") under the Title 17 Clean Energy Financing Program ("Title 17").
ReGen III's Part I application submission to LPO follows a detailed pre-application consultation process with the DOE, and pursuing this initiative supports management's broader objective of securing attractively priced, non-dilutive project-level financing. The submission of the Company's application is 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 suitability. Throughout this process, the Company also received several rounds of comprehensive Part I application feedback from DOE consultants.
ReGen III's Part I application pulls together project data from the Company's personnel and consultants, greenhouse gas emissions inventory and lifecycle analysis work by , financial model and data support by , application advisory services provided by , and legal inputs and considerations from .
ABOUT THE U.S. DEPARTMENT OF ENERGY TITLE 17 CLEAN ENERGY FINANCING PROGRAM
Title 17 was created by the Energy Policy Act of 2005 and is central to LPO's mission to serve as a "bridge to bankability" for clean energy projects. Through Title 17, LPO can finance projects in the United States that support clean energy deployment and energy infrastructure reinvestment to reduce greenhouse gas emissions and air pollution. While there is no guarantee the Company's application will be successful, LPO loan guarantees are typically in excess of US$100 million, and LPO can guarantee up to 80% of eligible project costs.
In 2022, Title 17 was amended by the Inflation Reduction Act ("IRA"), which provided the DOE with an additional $40 billion of loan guarantee commitment authority (under section 1703) for innovative energy projects and innovative supply chain projects, through September 30, 2026. Additional information about the program can be found at .
About ReGen III
ReGen III is a cleantech company commercializing its patented ReGen™ technology to upcycle UMO into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company's ReGen™ process is expected to reduce CO2e emissions by 82% as compared to virgin crude derived base oils combusted at end of life.
In 2022, ReGen III completed FEL2 and value engineering for the Company's 5,600 bpd UMO Texas recycling facility, with the support of world-class engineering, construction, and licensed vendor teams - including Koch Project Solutions, PCL Industrial Management Ltd., Sacre Davey, Koch Modular Process Systems, Duke Technologies and STP Studi Tecnologie Progetti S.p.A.
Operating in an underserved segment of the base oil market, ReGen III aims to become the world's largest producer of sustainable Group III base oil.
For more information on ReGen III or to subscribe to the Company's mailing list, please visit: and .
For further information, please contact:
Investor & Media inquiries:
Jamie Frawley
Corporate Inquiries:
Kimberly Hedlin
Vice President, Corporate Finance
(403) 921-9012
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information other than statements of historical facts contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations, capital costs and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at under the Company's profile and on the Company's website, . The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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