PALM BEACH GARDENS, FL, March 02, 2021 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc., DBA Blue Biofuels (PINK: ALLM).
Alliance BioEnergy Plus Inc., DBA Blue Biofuels, (the “Company”) has raised over $3 million in the last 60 days through a combination of private equity offerings and the exercise of warrants. This significantly improves the Company’s financial position and gives the Company the resources to expand its organization and to accelerate the commercialization of its CTS technology.
Management believes that bio-fuel originating from the Company’s CTS process will be eligible to receive a generous D3 cellulosic Renewable Fuel Credits (“RINs”) from the US Government. The D3 RIN is currently $2.216/gallon of ethanol, which is in addition to the market price of ethanol (currently $1.69/gallon). This incentive is offered to all domestic cellulosic fuel producers whose fuel is used in the transportation industry. This mandate was 590 million gallons for 2020. The mandate for 2021 has not yet been determined by the US Environmental Protection Agency.
ABOUT OUR CLEAN TECHNOLOGY
CTS technology 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 subsequently into biofuels, and bioplastics, without the use of enzymes or liquid acids. CTS stands for Cellulose to Sugar. The cellulose is converted into sugar and lignin. The sugar is further converted into bio-ethanol and other biofuels. The lignin may be further converted into bioplastics. CTS has a near zero carbon footprint. The CTS process is an independently-developed proprietary technology which is fully owned by the Company.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Ben Slager, CEO
Anthony Santelli, CFO
SOURCE: Alliance Bioenergy Plus, Inc. DBA Blue Biofuels www.Bluebiofuels.com