Anyone looking into the biofuels sector this morning is possibly going to consider taking a look at the Blue Biofuels Inc (OTCMKTS:BIOF) stock this morning, considering the fact that the stock moved upwards yesterday and ended up with gains of 4%.
Trading Data
On Wednesday, BIOF stock moved up 3.92% to $0.2574 with 68K shares, compared to its average volume of 152K shares. The stock has moved within a range of $0.2310 – 0.2690 after opening trade at $0.2310.
Blue Biofuels, Inc. Expands Technology License Agreement with Vertimass
The stock came into focus yesterday after it emerged that Blue Biofuels and Vertimass had decided to expand the terms of their licensing agreement. As per the terms of the new agreement, Blue Biofuels will have the freedom to use Vertimass’ technology for the purpose of converting higher amounts of ethanol into renewable jet fuel as well as other bio hydrocarbons.
It goes without saying that the freedom to now product higher amount of these products is a major boost for Blue Biofuels and hence, the rally in the stock was perhaps understandable.
The company believes that the expansion of the licensing agreement is going to allow it to provide the world with the much needed supply of renewable fuels, which can, in turn tackle the threat of climate change. It is likely that the stock is going to come into focus among investors once again today and it remains to be seen if it can add to its gains.
Key Quote
“Many countries are beginning to mandate that a percentage of jet fuel used by commercial airlines comes from renewable sources. The Vertimass technology will enable Blue Biofuels to produce sustainable aviation fuel to help achieve that mandate. We aim to expand further into the supply chain with complementary technologies and become a total supplier of bio-fuels, bioplastics and bio-chemicals,” observed Ben Slager, CEO of Blue Biofuels.
Technical Data
BIOF stock is trading below the 20-Day and 50-Day Moving averages of $0.27 and $0.27 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.29.
