Benzinga | Jun 24, 2021 06:49AM EDT

Comstock Invests $15M in Initial Seed Round for Quantum Computing to Accelerate Material Science Discovery and Development

Comstock Mining Inc. (NYSE:LODE) ("Comstock" or the "Company") today 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.