Vancouver, British Columbia–(Newsfile Corp. – April 16, 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 provide an update regarding the Company’s pilot testing with Koch Modular Process Systems (“Koch Modular“), offtake negotiations, the Company’s Title 17 Part I application to the Department of Energy (“DOE“) Loan Programs Office (“LPO“), Greenhouse Gas (“GHG“) credit eligibility, and patents.
“Our recent progress includes advancing core technologies, engaging with multiple offtake parties, pursuing non-dilutive financing, and strengthening our intellectual property,” said Greg Clarkes, CEO of ReGen III. “The near-term completion of pilot testing will provide valuable samples for further offtaker evaluation while enhancing our technical library. As pilot testing advances, we are pleased to have received an offtake Letter of Intent. We are also grateful to have received ClearBlue Markets’ commercialization plan for greenhouse gas credits and to see the LPO’s review of our Part I application advance. Lastly, the acceptance of another ReGen™ process patent is a positive milestone during a busy first quarter. We look forward to providing further updates on these exciting developments over the coming weeks.”
Pilot Study
As detailed in the Company’s February 26 press release, Koch Modular’s pilot study in Houston advanced significantly over the past several weeks, with the pilot test generating positive interim results for Group III base oil quality and yield. The pilot study is nearing completion.
Offtake Discussions
ReGen III received a Letter of Intent (“LOI“) for Group II and Group III offtake and the Company will continue to advance discussions with the offtaker to expand on the framework outlined in the LOI. In addition, and pending the completion of the pilot study, ReGen III will deliver product samples to the many interested offtake parties. The Company expects that following the completion of sample testing by these lubricant blenders, traders, and oil and gas Super Majors and Majors, it will secure additional LOIs.
Title 17 Application to Department of Energy Loan Programs Office
In early March, ReGen III submitted its Title 17, Part I application to the DOE’s LPO on behalf of its subsidiary, RG3 Texas LLC. Following its Part I submission, the Company received and responded to multiple rounds of follow-up questions from LPO. The LPO’s review is ongoing.
Greenhouse Gas Credit Feasibility
In February 2024, ReGen III engaged ClearBlue Markets (“ClearBlue“), an award-winning environmental consultancy firm, to complete an initial feasibility study on ReGen III’s eligibility for voluntary GHG offset credits. As part of its feasibility assessment, ClearBlue assessed applicable methodologies, conducted high-level additionality tests, and estimated potential GHG credit volumes under various methodologies.
Based on ClearBlue’s analysis of relevant methodologies, including inactive and under-development methodologies, industry and market data, and ReGen III’s Life Cycle Assessment (“LCA“) by GHD Services, ClearBlue concluded the monetization of GHG credits is feasible. ClearBlue has prepared and presented a framework outlining the high-level steps ReGen III will need to take in order to complete the monetization of the voluntary GHG credits.
Patenting
ReGen III’s 2021 patent application to the Saudi Arabian Patent Office for the method and system for re-refining and upgrading used oil was accepted for grant on February 15, 2024. Issuance of the patent certificate will occur in due course. This is ReGen III’s first patent issued in Saudi Arabia, a country which boasts one of the highest rates of re-refining globally (Source: U.S. Department of Energy).
Following the acceptance of this application, ReGen III has nineteen (19) patents issued, allowed, or accepted for the Company’s ReGen™ process, in addition to thirteen (13) patents pending globally.
About ClearBlue Markets
ClearBlue Markets is an award-winning advisory firm specializing in compliance and voluntary carbon markets and the creator of the AI-enabled carbon intelligence platform ClearBlue Vantage. ClearBlue’s services and technologies empower corporations with emission reduction goals, enabling them to take strategic action, manage risk, and unlock value by effectively utilizing carbon markets. Trusted by hundreds of companies globally, ClearBlue guides clients to achieve emission reduction goals while maximizing financial outcomes.
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, LLC, PCL Industrial Management Ltd., Studi Tecnologie Progetti S.p.A., Koch Modular Process Systems and Duke Technologies.
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: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
For further information, please contact:
Investor & Media inquiries:
Jamie Frawley
Email: investors@regeniii.com
Corporate Inquiries:
Kimberly Hedlin
Vice President, Corporate Finance
Tel: (403) 921-9012
Email: info@regeniii.com
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 www.sedarplus.ca under the Company’s profile and on the Company’s website, www.ReGenIII.com. 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.