PALM BEACH GARDENS, FL, April 20, 2023 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (OTCQB: BIOF).
Blue Biofuels announces that it has leased an additional 167 acres of farmland in southwest Florida on which it intends to grow king grass for the production of bio-ethanol and sustainable aviation fuel through its patented Cellulose-to-Sugar (CTS) process. This acquisition brings the total amount of land up to 182 acres. This land increase is a necessary step to provide sufficient feedstock for the next step up in capacity after the recent success of the pilot line.
The land should provide sufficient feedstock to create around 500,000 gallons of ethanol per year. It will further be used to optimize the planting, growing, and harvesting of large volumes of king grass on the way forward to commercial production. In commercial production, Blue Biofuels expects to reduce carbon emissions by over 80% as compared to fossil fuels.
“This is a necessary step forward for the company that will provide sufficient feedstock for further upscaling to semi-commercial scale,” said CEO Ben Slager. “We expect to sow this additional land in a manner to allow for continuous cycles of planting and harvesting to yield a regular, uninterrupted supply of ready-to-process king grass.”
As has been previously reported, Blue Biofuels achieved full conversion of cellulose into soluble sugars at a rate of around 100 times that of our CTS prototype. These positive results give us the basis to make the decision to move forward with a further scale-up to a semi-commercial scale and increase feedstock production to the required levels.
ABOUT BLUE BIOFUELS’ CTS TECHNOLOGY
Blue Biofuels Cellulose-to-Sugar (CTS) technology is an environmentally friendly, sustainable, and renewable green energy system. The CTS process has a near-zero carbon footprint that can convert virtually any plant material – grasses, forestry products, and agricultural waste such as sugarcane bagasse and wheat straw -- into sugars and lignin. Sugars are subsequently processed into biofuels and lignin may be further processed into a variety of products. The CTS process is a patented and proprietary technology wholly owned by Blue Biofuels.
Blue Biofuels’ management believes that biofuel originating from the Company’s CTS process will be eligible to receive the US EPA’s generous D3 cellulosic Renewable Fuel Credits. The D3 credit is currently around $1.95/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 current volume targets for cellulosic ethanol are 720 million gallons for 2023, 1.42 billion gallons for 2024, and 2.13 billion gallons for 2025.
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
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