Bluefire Ethanol closes $15 million financing to support Southern California cellulosic ethanol project

In California, BlueFire Ethanol Fuels closed a $15 million financing round to provide working capital and project funds for its 17 Mgy cellulosic ethanol project in Southern California.

In the financing agreement, the Quercus environmental trust acquired $15 million in common stock and warrants, while Aurarian Capital Partners and Aurarian Capital converted their senior convertible notes into common stock.

Bluefire was recently invited by the US Department of Energy to participate in its loan guarantee program. BlueFire was recognized for its proposed commercial-scale cellulosic ethanol plant using an array of low-cost feedstocks including landfill waste, in El Sobrante, CA. Bluefire holds the exclusive North American license to employ the Arkenol Process Technology, a patented system that transforms cellulosic waste into usable ethanol.

The USDA recently also offered a $97 million loan guarantee program for an ethanol plant in Hoke County, N.C.; a biodiesel plant near Freeport, Ill.; a wood pellet fuel plant in Appling County, Ga.; and a biodiesel plant in Jasper County, Ill.

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