(MENAFN- GlobeNewsWire - Nasdaq)
PALM BEACH GARDENS, FL, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (PINK: BIOF) . – Blue Biofuels, Inc. (the“Company”) announces that it has filed for a patent that relates to the specific method through which the Company has achieved full conversion of Cellulose into Sugar.
The Company now has six patents pending in addition to the core patent already granted. This newly filed patent expands the patent landscape which management believes makes the technology base even more proprietary and wider based.
Additionally, the Company is also pleased to report the promotion of Travis Baughman, Ph.D., to the position of Director of Technology. Dr Baughman is a chemistry and materials science expert experienced in process engineering and implementation. He holds an impressive peer-reviewed publication record and has been granted numerous patents on various new compositions of matter and related technologies. In previous employment, he has successfully developed novel materials and delivered them to the market through direct customer interactions with some of the most well-known consumer electronics firms on the planet. We look forward to utilizing his broad experience and specific expertise to scale-up our process and develop our customer base. Further expansion of the team is expected to continue, which management believes will accelerate and broaden the business progress the Company has made in the recent past.
ABOUT BLUE BIOFUELS' C TS TECHNOLOGY
Blue Biofuels' Cellulose to Sugar (“CTS”) technology provides a near zero carbon footprint process 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 used in specialty chemicals, ion exchange resins, or further converted into bioplastics. The CTS process is an independently-developed patented and proprietary technology by Blue Biofuels that is fully owned by the Company.
Blue Biofuels' management believes that bio-fuel originating from the Company's CTS process will be eligible to receive generous D3 cellulosic Renewable Fuel Credits (“RINs”). The D3 RIN is currently around $3.40/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 newly proposed revised mandate for cellulosic ethanol is 620 million gallons for 2021 and 770 million gallons for 2022.
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
Anthony Santelli, CFO
SOURCE: Blue Biofuels, Inc.
Tags Blue Biofuels Inc. PINK: BIOF Cellulose to Sugar technology zero carbon footprint process Bioplastics D3 RIN
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