BlueFire Renewables Selects MasTec to Provide a Turn-Key, Lump Sum EPC Contract for Fulton, MS Cellulosic Ethanol Facility
BlueFire Renewables, Inc. (OTC Bulletin Board: BFRE), a company focused on changing the world’s transportation fuel paradigm through the production of renewable fuels from non-food cellulosic wastes, announced that it has finalized and signed an Engineering, Procurement and Construction (EPC) contract for its planned cellulosic ethanol facility in Fulton, MS. The facility will be engineered and built by Wanzek Construction, Inc., a wholly owned subsidiary of MasTec, Inc. (NYSE: MTZ), for a fixed price of $296 million which includes an approximately $100 million biomass power plant as part of the facility.
The contract is negotiated in a manner to be appealing for non-recourse project bank financing and, more importantly, serves as the final key project contract agreement to move forward with both the DOE and USDA Loan Guarantee Programs.
“Having recently announced off-take and feedstock agreements for our Fulton, Mississippi plant, BlueFire Renewables has now satisfied all stated requirements to move forward on an agreement with either the DOE or USDA for a loan guarantee to complete financing of the project,” stated Arnold Klann, CEO of BlueFire Renewables, Inc. “BlueFire now stands poised to finalize the government negotiations and affect the financing and construction of this commercial-sized cellulosic ethanol plant.”
“We are excited about our involvement in the Fulton project with BlueFire Renewables and look forward to a long-term relationship. BlueFire’s proprietary technologies, which convert non-food cellulosic waste into fuel, should bring environmentally friendly facilities and increased long-term employment to the State of Mississippi. We are glad to be a part of the initial roll-out and we look forward to working with BlueFire on a number of other opportunities,” noted Jose Mas, MasTec, Inc.’s Chief Executive Officer.
This contract is a home run for BlueFire and for the industry. What MasTec and BlueFire have created and achieved with this contract sets the framework for many other BlueFire projects to be built with certainty.
The Fulton, MS project will allow BlueFire to utilize green and wood wastes available in the region as feedstock for the ethanol plant that is designed to produce approximately 19-million gallons of ethanol per year.
About BlueFire Ethanol, Inc.:
BlueFire Ethanol, Inc. is established to deploy the commercially ready, patented, and proven Concentrated Acid Hydrolysis Technology Process for the profitable conversion of cellulosic (“Green Waste”) waste materials to ethanol, a viable alternative to gasoline. BlueFire’s use of the Concentrated Acid Hydrolysis Process Technology positions it as 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 Ethanol, Incorporated’s goal is to develop and operate high-value carbohydrate-based transportation fuel production facilities worldwide. These “biorefineries” will convert widely available, inexpensive, organic materials such as agricultural residues, high-content biomass crops, wood residues, and cellulose from MSW into ethanol. BlueFire intends to build a multinational company that leads the world in producing biobased transportation fuels. Its business will encompass development activities leading to the construction and long-term operation of production facilities while maintaining technological advantage and ownership of the process technology and all its improvements. Ethanol will be produced from biorefinery facilities opportunistically constructed on or near landfills, waste collection and waste separation sites. Each facility will deploy the proprietary technology, which uses all cellulosic waste materials traditionally disposed of in landfills as feedstock. www.BlueFireEthanol.com
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.