IRVINE, Calif., Feb. 14, 2012 /PRNewswire/ -- SucreSource, a wholly owned subsidiary of BlueFire Renewables, Inc. (OTC BB: BFRE.OB), has signed agreements with GS Caltex, a Korean petroleum company, to build a cellulose to sugar plant in Korea.
"This agreement validates SucreSource's business model of selling its cellulosic sugars and, as in this case, sugar producing process to synergistic back end proprietary chemical companies to produce high value products," said Arnold Klann President & CEO. "As a major petroleum producer, GS Caltex is a perfect partner with which to initiate the business build out. Korea, like the U.S., China, and several other nations, is moving away from food-based sugars to produce high-end products such as biobutanol, ethanol, ethyl levulinate and various other chemicals. SucreSource is a first mover in this space and has the proven technology to meet this increasing cellulosic sugar demand head-on. This facility will be the first of many to be built."
The facility will process 2 tons of construction and demolition debris per day into cellulosic sugar, which will be converted into a high value chemical by GS Caltex's proprietary technology. The facility will be owned and operated by GS Caltex with SucreSource providing the process design package, equipment procurement and technical and engineering support. Once the initial facility is validated, SucreSource will work with GS Caltex to develop and build larger commercial scale facilities in Korea and throughout the world.
"Both parties agree that this is the first step towards commercial deployment of cellulosic chemicals in South Korea and, potentially, their trading partners," said John Cuzens, CTO for BlueFire Renewables.
SucreSource and GS Caltex have already commenced work on the project. SucreSource is actively pursuing other partnership opportunities and hopes to announce more relationships soon.
About BlueFire Renewables, Inc.
BlueFire Renewables, 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 renewable fuel sources, including Cellulosic Ethanol, Biodiesel, BioJet Fuel, and Drop-in Directs. BlueFire is the only cellulose-to-fuel company worldwide with demonstrated production of Biofuels from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues.
BlueFire received an increase to its Grant totaling $88 million under the American Recovery and Reinvestment Act in December of 2009. 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. For more information, please visit www.BFREINC.com.
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SucreSource is a wholly owned subsidiary of BlueFire Renewables, Inc. While SucreSources sells its produced cellulosic sugars, its primary mandate is deploying the ARKENOL Concentrated Acid Hydrolysis Technology for converting biomass to clean streams of cellulosic sugars. These lower cost sugars would be used by partner companies with proprietary microbe technologies to produce higher value biofuel and biochemical products that otherwise are not associated with BlueFire. SucreSource has successfully piloted over 15 products such as biobutanol, ethanol, ethyl levulinate, esters, acetates, xylitol, sorbitol, citric acid and many others. SucreSource can Joint Venture or sublicense the same patented Arkenol concentrated acid hydrolysis process with over 20 years of development behind it to create low cost clear and clean fermentable sugars.
About GS Caltex
GS Caltex is the first private oil company in South Korea. Founded in 1967, it is responsible for 30% of petroleum production in Korea as well as exporting 50% of its capacity internationally. It's R&D Center focuses on new energy development as well as more efficient petroleum production techniques and higher value chemical production. GS Caltex is a joint venture between GS Holdings and Chevron. More info is available at http://www.gscaltex.com/eng/
Statements about BlueFire Renewables 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 Renewables, 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 Renewables, 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.
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SOURCE BlueFire Renewables, Inc.