Blue Biofuels Signs MOU with World Energy Sustainable Products for Offtake of Ethanol and SAF
PALM BEACH GARDENS, FL, May 31, 2023 (GLOBE NEWSWIRE) — Blue Biofuels, Inc. (OTCQB: BIOF).
Blue Biofuels announces that it has signed a Memorandum of Understanding with World Energy Sustainable Products, LLC (World Energy) that World Energy will purchase the finished products produced by Blue Biofuels and all their applicable environmental and tax attributes, including ethanol and sustainable aviation fuel. Blue Biofuels will register the various finished products with the relevant regulatory agencies (including the Environmental Protection Agency, California Air Resource Board, and ASTM International) such that the finished products will qualify for use and any available credits. A final definitive agreement is expected to be reached before Blue Biofuels completes the buildout of its semi-commercial facility.
“I feel very pleased with the trust from and cooperation with World Energy Sustainable Products, they have the sales volume to absorb our products and bring them to the market, and they are very interested to further develop the markets for sustainable fuels. As we go along and our volumes and timelines get more final we will start filling in specific products and volumes to be brought to the market through World Energy, “ says CEO Ben Slager.
“We’re happy to support Blue Biofuels’ efforts to bring new innovations to the marketplace,” said Michael Laznik, President of World Energy Sustainable Products. “The need for low-carbon fuels is only growing, and we are committed to being part of the collaboration and innovation necessary to find new and better solutions.”
ABOUT WORLD ENERGY, LLC
World Energy is a low-carbon solutions provider focused on helping the world’s leading companies make their carbon net-zero commitments real. The company is delivering ever-better solutions at an ever-greater scale to efficiently cut, accurately account, and transparently report carbon emissions reductions in operations based in air and on water, rail, and road. Founded on Earth Day in Boston in 1998, the company has been commercializing, producing, and distributing low-carbon fuels for more than two decades. The company is also on target to build the first and largest production facility of green hydrogen by 2026 in Atlantic Canada. www.worldenergy.net.
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 $2.15/gallon of ethanol, which could provide income in addition to that from ethanol or SAF 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.
Ben Slager, CEO
Anthony Santelli, CFO
SOURCE: Blue Biofuels, Inc. www.Bluebiofuels.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.