ReGen III provides update on upcycling project

“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 (LOI). We are also grateful to have received ClearBlue Markets’ commercialisation plan for greenhouse gas credits and to see the US Department of Energy (DOE) Loan Programs Office (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.”

Koch Modular’s pilot study in Houston, US, 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.

ReGen III received a 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.

In early March 2024, 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.

In February 2024, ReGen III engaged ClearBlue Markets 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 monetisation 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 monetisation of the voluntary GHG credits.

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 15 February 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: US Department of Energy).

Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/17042024/regen-iii-provides-update-on-upcycling-project/