ReGen III Submits Part I Application to the U.S. Department of Energy's Loan Programs Office
March 04, 2024 3:01 AM EST | Source: ReGen III Corp.
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 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.
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 https://www.energy.gov/lpo/title-17-clean-energy-financing.