(Finance.Yahoo) Comstock Mining Inc. (NYSE: LODE); has announced its execution of agreements to purchase an additional 5% of its 45%-owned technology development partner, Quantum Generative Materials LLC (“GenMat”), in exchange for $50 million.
The Company will provide an initial $15 million in cash and stock over the next six months, and an additional $35 million upon GenMat’s realization of key development milestones. The proceeds will be used to expand on the development efforts of GenMat’s founders, with the primary goal of commercializing new quantum computing technologies to accelerate material science discovery and development.
GenMat is developing a proprietary quantum operating system to exploit that potential and harness emerging quantum computing technologies to develop breakthrough new materials for use in high-impact applications, including batteries, mining and carbon capture and utilization.
“Quantum computing has the profound potential to resolve urgent challenges of our time, such as global resource scarcity and climate change,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “We have been working for some time on the frontier of new materials development with GenMat’s world-class team and network of quantum computing professionals and material scientists.”
While GenMat’s intended offerings will be industry agnostic when it emerges from stealth mode, Comstock is laser focused on applications that accelerate the development of new clean technologies to address resource scarcity by facilitating climate smart mining, electrification, and decarbonization. Consequently, in addition to its investment, Comstock also secured exclusive rights to use GenMat’s quantum technologies to complement and enhance its existing operations and planned technological and new business developments.