It was a momentous day for Blue Biofuels as the company announced that it had hit a significant milestone in the quest to scale up its Cellulose-to-Sugar proprietary reactor system. In light of such a major announcement, it is going to be interesting to see if the Blue Biofuels (OTCMKTS:BIOF) stock can come on to the radars of investors or not.
Trading Data
On Thursday, BIOF stock slumped 1% to $0.1781 with more than 817.31K shares, compared to volume of 246.64K shares. The stock moved within a range of $0.1760 – 0.2049 after opening trade at $0.1799.
Blue Biofuels Reports Successful Volume Testing of its Cellulose-to-Sugar Process on Latest Reactor System
The company announced that the testing that had been conducted on a customized modified reactor system had shown that the system could convert cellulosic entities into sugar with a suitably high conversion rate. The system recorded a processing rate of as much as 2.5 tons a day and that is an indication that the system could be scaled up considerably.
The results were a major boost for Blue Biofuels and considering the results, the company announced yesterday that it had decided to commission its next version of the Cellulose-to-Sugar reactor. The next one is going to be loaded with more design features of a proprietary nature and is going to allow for more process windows exploration as well. Blue Biofuels noted that it expects the new reactor to arrive at some point in the fourth quarter of 2022.
Key Quote
CEO Ben Slager says, “The results of the testing with the modified K.R. Komarek machine is a big step forward in the development of our process as it proves that our CTS reactor system works at higher throughputs. These new design features are scalable, and we expect to have the same success with commercial size machines. We look forward to the next steps in scaling our CTS process to develop high volume commercial production of cellulosic and CO2 friendly biofuels.”
Technical Data
BIOF stock is trading below the 50-Day and 50-Day Moving averages of $0.18 and $0.17 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.20. The company has a total market capitalization of $49.86 million.
