BLUE BIOFUELS, INC. PALM BEACH GARDENS, FL, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (PINK: BIOF). (the “Company” or “BIOF”) is pleased to announce that it has achieved full conversion ( 99% + ) of king grass cellulosic material to water soluble sugars on a repeatable basis. This conversion occurs with a reaction time of under one minute.
This achievement was accomplished with the Company’s upgraded 4th generation CTS 2.0 (Cellulose to Sugar) reactor system that has been designed to allow further process optimization as compared to earlier systems. Full conversion is the most efficient use of the feedstock possible and exceeds earlier projections. Management believes that this will lead to lower operating and feedstock costs.
This result provides the Company with a strong basis to upscale to the semi commercial 5th generation system and later to the full commercial scale, 6th generation. Blue Biofuels has initiated the development of the 5th generation CTS reactor based on the design parameters of the successful 4th generation system. The Company intends to have the 5th generation operational within the first half of 2022.
Although BIOF is very pleased with these results, they unfortunately took longer than anticipated due to delays encountered in the supply chain caused by the Covid epidemic. The epidemic and accompanying lockdowns and shutdowns at our suppliers and their suppliers caused longer delivery times on the modifications and optimizations of the CTS reactor that were needed on the way to obtaining this result. Going forward, the Company intends to further optimize its supply chain to avoid further delays due to Covid as much as possible.
CEO Ben Slager says, “I am very pleased with this result. It exceeds my expectation and is an excellent basis for cost leadership in the cellulosic sugar and biofuels market place. We also see increased interest for our cellulosic sugars in multiple areas of use, like bio chemicals and bio plastics. We envision a great start in the market in cellulosic bio jet fuels as one of the first volume applications.”
ABOUT OUR CLEAN TECHNOLOGY
CTS (Cellulose to Sugar) technology is a near zero carbon footprint system 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 further converted into biodegradable bioplastics or used in ion exchange resins. CTS stands for Cellulose to Sugar. The CTS process is an independently developed patented and proprietary technology that is fully owned by the Company.
Management believes that biofuel originating from the Company’s CTS process will be eligible to receive generous D3 cellulosic Renewable Fuel Credits (“RINs”) from the US Government. The D3 RIN is currently approximately $3.4/gallon of ethanol, which could be earned in addition to the market price of ethanol. 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.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Blue Biofuels, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Blue Biofuels, Inc. disclaims any obligation to update forward looking statements contained in this press release, except as may be required by law.
Contact:
Ben Slager, CEO
Ben@Bluebiofuels.com
Anthony Santelli, CFO
Anthony@Bluebiofuels.com
SOURCE: Blue Biofuels, Inc. www.Bluebiofuels.com
