Canadian rerefiner ReGen III Corp. said its chief operating officer, Tom Lawlor, has left the company, effective Monday. ReGen did not give a reason for his departure or name a replacement, according to a company statement. The company thanked Lawlor for his work during his time there.
Vancouver-based ReGen is developing a process to produce API Group II+ and Group III base oils from used oil. The technology has yet to reach commercial scale.
ReGen says its process uses less heat and pressure than conventional rerefining methods, which it says could reduce energy use and operating costs.
ReGen announced Lawlor’s departure alongside a grant of 2.16 million stock options to an employee, consultant and officer. The options can be exercised at C$0.19 per share over five years, subject to vesting conditions set by the board.
The options have a combined exercise price of about C$410,000 if fully exercised. However, they would only generate that amount for ReGen if the recipients ultimately exercise them, which would depend on the company’s future share price and the vesting terms. Options awarded to an officer also require approval from shareholders who are not conflicted, at the company’s next annual meeting.
The grant gives employees and advisers a fresh financial incentive as ReGen continues trying to commercialize its technology, but the company still faces the bigger challenge of turning its process into a viable commercial business. The company remains unprofitable. Its financial statements show accumulated losses that have grown beyond the capital initially invested in the business.
(This article has since been amended to avoid misleading comments about the company’s finances.)