Blue Biofuels Receives $1.15 Million Department of Energy Phase 2 Grant

/EIN News/ -- PALM BEACH GARDENS, FL, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (OTCQB: BIOF). Blue Biofuels is thrilled to announce that it has been awarded a Phase 2 Small Business Innovation Research (SBIR) grant from the U.S. Department of Energy amounting to $1.15 million. This significant funding will support the final stages of scaling the company’s patented Cellulose-to-Sugar (CTS) process, a groundbreaking technology that efficiently converts plant-based cellulose into sugars, which are fermented into ethanol to be used as sustainable biofuels. This Phase 2 grant follows the successful completion of Phase 1, where Blue Biofuels demonstrated the feasibility and effectiveness of its CTS process, paving the way for this Phase 2 grant.

CEO Ben Slager expressed his enthusiasm for this milestone, stating, "We are very grateful to the Department of Energy for their continued support and confidence in our CTS technology. This grant will allow us to accelerate the commercialization of our process, bringing us closer to providing a sustainable and economically viable alternative to fossil fuels. Our goal is to play a significant role in reducing carbon emissions and promoting energy independence, and this funding is crucial in helping us achieve that vision."

The awarded grant will be utilized to complete the scaling of the CTS process, enabling Blue Biofuels to move forward with commercial deployment. With the successful completion of the Phase 2 project, all stages of the process—from biomass collection to ethanol production—will be fully integrated, optimized, and scaled up. The project also includes the completion of the engineering design of the manufacturing plant to the FEL2 level.

All government proposals undergo a rigorous review by a panel of experts in the field, ensuring that only the most promising and innovative projects receive funding. The success of Phase 1 and the endorsement of this panel underscores the potential of Blue Biofuels' technology to revolutionize the biofuels industry, providing a cost-effective and environmentally friendly method of producing renewable energy.

About Blue Biofuels, Inc.

Blue Biofuels is based in Florida and has the goal to produce biofuels through its patented Cellulose-to-Sugar (CTS) technology and its licensed Vertimass technology. CTS is a 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.

Blue Biofuels’ CTS technology represents significant progress in renewable energy, offering a sustainable solution that reduces reliance on food crops for ethanol production. By utilizing abundant and renewable biomass sources such as king grass, sugar cane bagasse, and corn stover, the company is positioned to contribute meaningfully to the global transition toward cleaner energy. This versatility allows the company to take advantage of feedstock variability in different locations around the US and the world.

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 and Chairman
Ben@Bluebiofuels.com

Anthony Santelli, CFO
Anthony@Bluebiofuels.com

SOURCE: Blue Biofuels, Inc. www.Bluebiofuels.com