Alliance BioEnergy Plus has changed its name to Blue Biofuels, and FINRA has approved a symbol change to BIOF.
FREMONT, CA: Alliance BioEnergy Plus Inc. has changed its name to Blue Biofuels, Inc., and FINRA has approved a symbol change to BIOF, effective from August 27, 2021. The symbol ALLM will not be used anymore.
CTS technology can be described as a near-zero carbon footprint system that can transform almost any plant materials, like grasses, wood, paper, farm waste, yard waste, forestry products, fruit casings, nutshells, and the cellulosic portion of municipal solid waste into sugars and gradually into biofuels, and bioplastics, without using enzymes or liquid acids. CTS refers to the Cellulose to Sugar. Sugar and lignin are produced from cellulose, and sugar is then further transformed into bioethanol and other biofuels. The lignin can be formed into bioplastics. The CTS procedure is an independently developed patented and proprietary technology that the Company entirely owns.
Management believes that bio-fuel originating from the Company’s CTS process will be eligible to receive generous D3 cellulosic Renewable Fuel Credits (RINs) from the US Government. The D3 RIN is currently around $3/gallon of ethanol, which could be in addition to the market price of ethanol. 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 US Environmental Protection Agency has not yet finalized the mandate for 2021.