BlueFire Announces Ground-Breaking Cellulosic Ethanol Off-Take Agreement with Tenaska Biofuels
Client BlueFire Renewables, Inc. ("BlueFire") recently announced an off-take agreement with Tenaska Biofuels, LLC for the purchase and sale of all ethanol produced at BlueFire's planned cellulosic ethanol facility in Fulton, Mississippi. The Fulton project will allow BlueFire to use green and wood wastes available in the region as foodstock for the ethanol plant, which is designed to produce approximately 19 million gallons of ethanol per year.
"This off-take agreement is a significant step forward for BlueFire. It provides immediate revenue once our plant is on-line. Also, it will move BlueFire closer to a debt financing agreement with the Department of Energy and U.S. Department of Agriculture," stated Arnold Klann, CEO of BlueFire Renewables, Inc. "This is one of the first cellulosic ethanol contracts of its kind in the United States establishing BlueFire as a clear leader in the industry."
Stoel Rives provided advice to BlueFire on corporate formation, Section 1603 grant compliance, and negotiation and drafting of the off-take agreement. John Eustermann and David Benson led the Stoel Rives client team.
Read the BlueFire/Tenaska press release