Re-N-Vision Awarded Department of Energy Grant to Test and Develop Blue Biofuels’ CTS Technology in Equitable Energy Transition

Rhea-AI Summary

Blue Biofuels, Inc. (BIOF) has partnered with Re-N-Vision, LLC to secure a $199,902 grant from the Department of Energy. This SBIR Phase I grant is part of the "Community-Driven Solutions for a Just and Equitable Energy Transition" program. The project will use Blue Biofuels’ patented CTS technology to process agricultural waste into bioproducts. Re-N-Vision aims to apply for a Phase II grant of up to $2.2 million, focusing on utilizing kilotons of agricultural waste. If successful, they plan to pursue a Phase III grant for further development.

Positive

• Secured $199,902 Department of Energy grant to research agricultural waste processing.
• Collaboration with Re-N-Vision may enhance market visibility and project funding opportunities.
• Potential for Phase II grant of up to $2.2 million, which can significantly scale operations.

Negative

• Dependence on external funding; Phase I grant does not guarantee future financial support.
• Market risks associated with the early-stage nature of the bioenergy initiative.

PALM BEACH GARDENS, FL, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Blue Biofuels, Inc. (OTCQB: BIOF). – Blue Biofuels, Inc. announces that Re-N-Vision, LLC, based out of St. Louis, MO, has received a Small Business Innovation Research (SBIR) Phase I Department of Energy grant for $199,902 with the title “Disadvantaged Community Bioenergy Feedstock Consortium in Urban Areas”. The grant was awarded under the Energy Efficiency and Renewable Energy Funding Program joint topic “Community-Driven Solutions for a Just and Equitable Energy Transition”. The CTS technology of Blue Biofuels is chosen by Re-N-Vision to test the processing of agricultural and cellulosic waste into bioproducts.

The Phase I project will utilize Blue Biofuels’ CTS technology to process samples of agricultural and cellulosic waste to ascertain convertibility, yield and efficiency of these new specific feedstocks. Re-N-Vision is in contact with the Missouri Department of Agriculture, and has received a letter of support for this program. There are tons of agricultural waste currently discarded that offer the potential to be acquired at little to no cost.

Re-N-Vision’s focus is to build a consortium of stakeholders in disadvantaged urban communities that will strengthen economic growth, local infrastructure, and community dignity, while producing environmental benefits within the community by growing, cultivating, and/or collecting plant-based feedstock and waste, and processing it into saleable bioproducts.

Upon completion of Phase I, Re-N-Vision plans to apply for a Phase II grant, which is up to $2.2 million. The plan for Phase II is to utilize kilotons of agricultural waste as feedstock to create bio products. If Phase II is successful, Re-N-Vision plans to apply for a Phase III grant, which can be several million and is made at the discretion of the U.S. Department of Energy. Blue Biofuels will collaborate with Re-N-Vision on all future phases of the project.

ABOUT RE-N-VISION

Re-N-Vision, LLC, is a WBE, MBE established in 2007 to provide alternative methods and means for beautification. The company has established roots in real estate, personal services, community development, and global trading. With this bioenergy initiative, the company intends to further champion clean technology, neighborhood revitalization, disadvantaged community job creation, and urban area beautification.

ABOUT BLUE BIOFUELS’ CTS TECHNOLOGY

Blue Biofuels’ Cellulose to Sugar (“CTS”) technology is an environmentally friendly, sustainable, and 100% renewable green energy system. It is 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 wholly owned by Blue Biofuels.

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 $2.90/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 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
Ben@Bluebiofuels.com

Anthony Santelli, CFO
Anthony@Bluebiofuels.com

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

FAQ

What is the significance of the $199,902 grant for Blue Biofuels (BIOF)?

The $199,902 grant enables Blue Biofuels to advance its CTS technology for converting agricultural waste into bioproducts.

What technology is Blue Biofuels using for the Re-N-Vision project?

Blue Biofuels is using its patented Cellulose to Sugar (CTS) technology to process agricultural and cellulosic waste.

What future funding opportunities are available for Blue Biofuels (BIOF)?

Re-N-Vision plans to apply for a Phase II grant of up to $2.2 million and potentially a Phase III grant from the Department of Energy.

How does the grant contribute to community development?

The project aims to strengthen economic growth and local infrastructure in disadvantaged urban communities by processing agricultural waste.

What are the environmental benefits of Blue Biofuels' technology?

The CTS technology offers a near-zero carbon footprint process that converts plant materials into sustainable biofuels and bioproducts.