IRVINE, CA - BlueFire Ethanol Fuels, Inc. (OTCBB:BFRE.), a company
focused on changing the world's transportation fuel paradigm
through the production of ethanol from non-food cellulosic wastes,
today announced that the Department of Energy has determined that
BlueFire Ethanol has met the requirements of Part 1 of the
application process and that the company has been invited to
continue onto Phase 2 for the financing of their Fulton, MS
Project.
The loan guarantee pursuant to this program would support the
construction of BlueFire's commercial (cellulosic) biofuels plant
planned in Fulton, MS. Under this program BlueFire has requested
$250 million, which would be combined with the previously awarded
$88 million dollar grant and other sources to provide sufficient
capital for the project's construction and launch. The Fulton
facility will produce 19 million gallons of ethanol per year from
woody biomass, mill residue, and other cellulosic waste.
"We are very pleased to see the financing for the Fulton facility
moving forward," said Arnold Klann CEO of BlueFire Ethanol. "It's
going to take programs like the DOE loan guarantee to enables
first-of-its-kind technologies to be in a position to secure the
necessary funding to move forward and help provide cleaner energy
sources to the fuel market."
To help facilitate the closing of the financing, BlueFire Ethanol
is actively recruiting specialists to close the transaction. "We
are currently evaluating all options and looking for strategic
personnel to help BlueFire successfully close the financing for
Fulton and other future facilities" says Klann.
|
