BLUEFIRE : Department of Energy Increases Funding to $81 M for Phase II of BlueFire Ethanol's Planned Fulton, MS Biorefinery
12/07/2009| 02:35pm US/Eastern
IRVINE, Calif., Dec. 7 /PRNewswire-FirstCall/ -- BlueFire Ethanol Fuels, Inc. (OTC Bulletin Board: BFRE), a company focused on changing the world's transportation fuel paradigm through the production of ethanol from non-food cellulosic wastes, announced today that the Department of Energy (DOE) increased funding to $81.1 million dollars for Phase II construction of its cellulosic ethanol biorefinery planned for Fulton, MS. This is in addition to the previously announced Phase I funding for development of the Fulton plant of approximately $7 million dollars. This brings the total funds for Fulton to approximately $88 million dollars. To read the official DOE announcement, visit http://www.energy.gov/news2009/8352.htm.
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"The Department of Energy's continued support of BlueFire Ethanol's project development reaffirms the viability of our technology and demonstrates the Administration's support of innovative technologies designed to achieve rapid deployment of cellulosic biofuel projects," said Arnold Klann, CEO of BlueFire Ethanol. "This award will help ensure that BlueFire remains on track for executing our business growth strategy."
The Fulton, MS project will allow BlueFire to utilize green and wood wastes available in the region as feedstock for the ethanol plant that will be designed to produce approximately 18 million gallons of ethanol per year. BlueFire is currently in the licensing and permitting stage for the facility.
About BlueFire Ethanol Fuels
BlueFire Ethanol Fuels, Inc. was established to deploy a commercially ready, patented and proven Concentrated Acid Hydrolysis Technology Process for the profitable conversion of cellulosic waste materials ("Green Waste") to ethanol, a viable alternative to gasoline. BlueFire is the only cellulose-to-ethanol company worldwide with demonstrated production of ethanol from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues.
BlueFire's biorefineries will be located near markets with high demand for ethanol and will use locally available biomass. This should dramatically reduce delivery costs and increase biofuel supplies, while providing a unique waste processing technology to help America's cities better manage the increasing problem of overflowing landfills.
BlueFire is one of four companies awarded funding from the U.S. Department of Energy under the Energy Policy Act of 2005 to construct cellulosic biorefinery production facilities. BlueFire has also completed a 20-month licensing process and is currently awaiting the final financing needed to break ground on its shovel-ready, fully permitted ethanol biorefinery in Lancaster, CA. The Lancaster facility will use post-sorted cellulosic wastes diverted from Southern California's landfills to produce approximately 3.9 million gallons of fuel-grade ethanol per year.
For more information, please visit www.BlueFireEthanol.com.
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Statements about BlueFire Ethanol, Inc.'s expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. BlueFire's actual results could differ materially from expected results. BlueFire undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; BlueFire will appropriately inform the public.
This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). BlueFire Ethanol, Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful development and deployment of ethanol production facility or facilities, impact of the company's expansion plan, and new business development success, future financial results, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the expectations contained in any such forward-looking statements. These risks include, but are not limited to: failure to manage operating expenses or integrate new facilities and/or technologies, each of which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company's regular filings with the U.S. Securities and Exchange Commission. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. Forward-looking statements speak only as to the date they are made and BlueFire Ethanol, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE BlueFire Ethanol Fuels, Inc.