PALM BEACH GARDENS, FL, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (PINK: BIOF). – Blue Biofuels announces that it has completed a $2.1 million private placement offering of its common stock at $0.25 per share. The private offering began in January 2021 and was designated to be open for a period of one year. Accordingly, the private offering has now been terminated.
Further, the Company has begun to design the 5th generation CTS system which will focus on volume production of sugars and lignin from plant-based materials for further processing into ethanol and specialty chemicals.
“We understand that the market is waiting to see volume production. Our 4th generation prototype system was designed to determine the optimal parameters to achieve maximum conversion. We achieved full conversion of cellulosic material, over 99%, and optimized the process and the parameters needed to achieve that exciting result, which, by the way, was better than we expected. The 5th generation system is being designed with those parameters and is being designed to handle much higher volumes. We feel confident that the 5th generation system will successfully and consistently generate higher production volumes,” says CEO Ben Slager.
ABOUT BLUE BIOFUELS’ CTS TECHNOLOGY
Blue Biofuels’ Cellulose to Sugar (CTS) technology provides a near zero carbon footprint process that can convert virtually any plant material – grasses, wood, paper, farm waste, yard waste, forestry products, fruit casings, nut shells, and the cellulosic portion of municipal solid waste -- into sugars and lignin. Sugars are subsequently processed into biofuels. Lignin may be used in specialty chemicals, ion exchange resins, or further converted into bioplastics. The CTS process is an independently-developed patented and proprietary technology by Blue Biofuels that is fully owned by the Company.
Blue Biofuels’ management believes that bio-fuel originating from the Company’s CTS process will be eligible to receive generous D3 cellulosic Renewable Fuel Credits (“RINs”). The D3 RIN is currently around $3.40/gallon of ethanol, which could provide income in addition to that from ethanol sales. This incentive is offered to all domestic cellulosic fuel producers whose fuel is used in the transportation industry. The Environmental Protection Agency’s newly proposed revised mandate for cellulosic ethanol is 620 million gallons for 2021 and 770 million gallons for 2022.
Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
Contact:
Ben Slager, CEO
Ben@Bluebiofuels.com
Anthony Santelli, CFO
Anthony@Bluebiofuels.com
SOURCE: Blue Biofuels, Inc. www.Bluebiofuels.com
