IRVINE, Calif. and BEIJING, Oct. 8, 2014 (GLOBE NEWSWIRE) -- BlueFire Renewables, Inc. (OTC:BFRE), a company focused on changing the world's transportation fuel paradigm through the production of renewable fuels announced that it has finalized and signed a new Master Engineering, Procurement and Construction (EPC) contract for its planned cellulosic ethanol facility in Fulton, MS. The contract is with the China International Water and Electric, subsidiary of China Three Gorges Corporation (CTG), one of the world's largest companies and China's largest renewable energy company.
"This contract is truly the first of its kind in the United States," stated Arnold Klann, CEO of BlueFire Renewables, Inc. "It not only provides the backing of a large multinational company with the expertise to manage the execution of the construction of the facility but also sets up a cooperation blueprint for BlueFire and China Three Gorges to work together on other projects and financing. The Master EPC structure will utilize a US based EPC Contractor to be the onsite engineering, procurement and construction team using local suppliers and craftsmen generating much needed local revenues for Itawamba County and the surrounding region."
The contract is to provide cost savings by leveraging China Three Gorges' relationships and experience to complete the Fulton project. CTG was responsible for building the largest hydro electric dam in the world that went into operation in 2008 as well as other energy and infrastructure projects globally.
"CTG's support of this important commercial project is consistent with China's goals to advance the use of non-food biomass to produce renewable fuels, power and chemicals in cooperation with the U.S. all the while helping the environment," said Lin Chuxue, Executive Vice President of CTG. "We see this relationship with BlueFire and Arkenol as an important step in bringing renewable cellulosic fuels and chemicals to China's burgeoning marketplace. We will be the leader in bringing China clean and renewable energy that reduces the nation's carbon footprint significantly and creating jobs both in the United States and China."
Klann stated that this contract provides BlueFire a pathway for financing solutions in the US and opens opportunities in China. "With a seasoned team from a company like China Three Gorges now involved with the project, it opens the door to financing opportunities in China previously unavailable to us." said Klann.
The companies will continue to work together to identify other opportunities and to cooperate on a global scale.
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 Renewables, Inc.
BlueFire Renewables, Inc. was established to deploy the Arkenol patented and proven Concentrated Acid Hydrolysis Technology Process for the profitable conversion of cellulosic waste materials ("Green Waste") to renewable fuel sources. BlueFire has demonstrated production of Biofuels from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues.
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
About China Three Gorges Corporation
China Three Gorges Corporation was founded in 1993 to develop and build the hydroelectric power plant on the Yangtze River. The facility built was the Three Gorges Dam, which is the largest dam ever built. Following the success of that project the company expanded into multiple areas of development, construction, and asset management.
China Three Gorges Corporation employs over eleven thousand employees and has 11 subsidiaries. They range from electricity generation, renewable energy generation, solar and wind power plants, construction, engineering, and financial companies. The company is not only the largest utility in China but also one of the world's largest companies.
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.
CONTACT: Company Contact: Richard Klann BlueFire Renewables, Inc. firstname.lastname@example.org 949.588.3767, ext. 411Source:BlueFire Renewables, Inc.