PALM BEACH GARDENS, FL, July 25, 2023 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (OTCQB: BIOF). Blue Biofuels (the “Company”) would like to update its shareholders on the recently passed Inflation Reduction Act and its impact on the Company. The Company plans to sell cellulosic ethanol and cellulosic Sustainable Aviation Fuel to the market. Cellulosic biofuels already came with valuable credits from the Energy Policy Act passed in 2005 that mandated renewable fuel blending into the fuel supply monitored by the EPA. The Inflation Reduction Act passed on August 16, 2022, and clarified this year by the Biden Administration, provides additional fuel credits.
These credits that Blue Biofuels seeks to obtain are highly valuable. Section 45Z of the Inflation Reduction Act offers a Clean Fuel Production Credits (CFPC) per gallon of transportation fuel produced. For a qualified facility built by paying at least prevailing wages, the CFPC credit amounts are $1.75 per gallon of sustainable aviation fuel produced and $1 per gallon of other renewable fuels. In addition, Each gallon of cellulosic ethanol carries a D3 RIN currently worth $3.02/gallon, or $4.83/gallon of Sustainable Aviation Fuel (SAF). On top of that, if the fuel is sold in California, it would be eligible for a Low Carbon Fuel Standard Credit (LCFS) currently worth $72.50 per Metric Ton of carbon reduced from the lifecycle creation of the fuel, which should translate to around $0.49/gallon for SAF produced by Blue Biofuels. In total, these three credits add up to $7.07 per gallon of sustainable aviation fuel on top of the market price of around $2.30 per gallon.
In addition to these regulatory credits and incentives, there are government grants and loans available to support the commercialization of technologies like the Cellulose-To-Sugar process of Blue Biofuels.
Blue Biofuels offers a unique path to making SAF that belongs only to Blue Biofuels. Blue Biofuels is capable of making sustainable aviation fuel from cellulosic feedstocks first by converting the cellulose in feedstocks into sugars using the Company’s patented and proprietary Cellulose-to-Sugar process, then by converting the sugars into ethanol using a standard process, and then converting the ethanol into sustainable aviation fuel and related products via the patented Vertimass process that the Company has licensed. No entity currently makes SAF from cellulosic biomass.
Further, Blue Biofuels has recently hired consultants with the right expertise to help the Company with the pathway approval process, with obtaining RINs, and with acquiring all the necessary permits to legally produce and sell biofuels in the United States.
Blue Biofuels continues to anticipate making ethanol profitably without any fuel credits or tax incentives. Continued optimization on its pilot plant this year has given added confidence to management. The Company plans to build a first commercial factory of 10 million gallons per year followed by more with larger capacities to start fulfilling the cellulosic ethanol mandate and SAF needs of the country. Once established, the RINs, LCFS credits, and the CFPCs related to the recently passed Inflation Reduction Act, offer the Company the opportunity for significant additional profits when it goes into commercial production.
In addition, Blue Biofuels intends to excel in its carbon footprint reduction anticipating a reduction of greenhouse gas emissions of over 80% as compared to fossil fuels.
ABOUT BLUE BIOFUELS’ CTS TECHNOLOGY
Blue Biofuels Cellulose-to-Sugar (CTS) technology is an environmentally friendly, sustainable, and renewable green energy system with the potential to achieve a near-zero carbon footprint. The CTS process 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, such as ethanol and sustainable aviation fuel, 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.
FOR MORE INFORMATION ABOUT RENEWABLE FUEL CREDITS AND OTHER GOVERNMENT INCENTIVES, CLICK HERE: https://bluebiofuels.com/details-about-government-fuel-credits/
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
