Blue Biofuels, Inc.

Company overview

• Blue Biofuels, Inc. is a Nevada corporation focused on renewable energy, biofuels, and lignin-related technologies.
• Core technology: the Cellulose-to-Sugar (CTS) process, a continuous mechanical/chemical method to convert cellulosic feedstocks into fermentable sugars for conversion to cellulosic ethanol and other biofuels.
• Intellectual property: multiple US patents (including US Nos. 10,994,255 and 11,484,858 B2) covering the CTS process; patents granted in Japan, Australia, Russia, and El Salvador; patent applications filed in the European Patent Organization, Brazil, China, and the African Regional Intellectual Property Organization; additional US patents filed (three pending as of 2025).
• License and partnership: licensee of the Vertimass Process for one-step conversion of ethanol into sustainable aviation fuel (SAF) and other renewable fuels. In January 2024 Blue Biofuels formed a 50/50 joint venture with Vertimass, VertiBlue Fuels, LLC, to build an ethanol-to-SAF facility in Florida with initial target production of 10–25 million gallons of SAF, expanding to about 70 million gallons per year.

Plan of operation and business model

• Process flow (CTS-based): feedstock → fermentable sugars (CTS) → fermentation to cellulosic ethanol → conversion of ethanol to SAF and related products via Vertimass technology.
• Feedstocks: CTS processes non-food cellulosic materials (including grasses and agricultural waste); the company targets non-food feedstock sources and higher yields per acre than traditional corn ethanol.
• Commercialization timeline: pilot plant built and core processes optimized in 2023–2025; design and operating parameter refinement for full-scale commercial systems is ongoing. The CTS process is modular, permitting multiple CTS units per plant.
• Incentives and credits: the company expects to monetize Renewable Identification Numbers (RINs) under the Renewable Fuel Standard (D3 for cellulosic ethanol; D7 for cellulosic SAF; D3 for cellulosic bio-gasoline), pursue Clean Fuel Production Credits (CFPC) under IRA section 45Z, and seek Low Carbon Fuel Standard (LCFS) credits where applicable.
• Financing needs: commercial-scale production and the VertiBlue project require financing. The company estimates approximately $90 million will be needed to participate in VertiBlue Fuels and begin commercial production, with financing expected primarily through project finance and revenue from the joint venture.
• Market context: the U.S. ethanol industry includes over 200 plants. CTS targets improved profitability through non-food feedstocks, higher yields, and access to higher-value carbon credits, with long-term growth expected via additional U.S. plants and potential international licensing or joint ventures.

Products and capabilities

• Primary products: cellulosic sugars (from CTS), cellulosic ethanol, sustainable aviation fuel (SAF) via Vertimass conversion, and related renewable fuels (e.g., bio-gasoline) and potential biochemicals.
• Vertimass license: enables one-step conversion of ethanol to SAF and other fuels; parts of the license agreement are confidential.

Intellectual property and assets

• CTS patents: US patents including 10,994,255 and 11,484,858 B2; international patents across multiple jurisdictions; pending applications in EP, Brazil, China, and the African Regional Organization; three additional US patent filings pending.
• Intangible assets: patents and trademarks (net of amortization) recorded at $329,829 as of December 31, 2025.
• Related assets: property and equipment (net) of $555,109; right-of-use assets of $365,414; deposits of $80,276.

Key financial highlights (as of December 31, 2025)

• Revenue: $0 for 2025; $0 for 2024.
• Grant income: DOE SBIR Phase II grant recognized as grant income of $865,000 in 2025 and $285,000 in 2024.
• Operating expenses: $3,715,133 in 2025; $4,056,879 in 2024.
• Net income (loss): $(2,874,601) for 2025; $(1,418,981) for 2024.
• Net loss per share: $(0.009) (2025); $(0.005) (2024).
• Research and development: $2,305,340 in 2025; $2,329,413 in 2024.
• General and administrative: $1,409,793 in 2025; $1,726,106 in 2024.
• Cash and equivalents: $65,200 at 12/31/2025; $48,797 at 12/31/2024.
• Working capital deficit: $(2,907,651) at 12/31/2025.
• Total assets: $1,407,379 at 12/31/2025; $1,389,587 at 12/31/2024.
• Total liabilities: $5,113,462 at 12/31/2025; $4,235,490 at 12/31/2024.
• Stockholders’ deficit: $(3,706,083) at 12/31/2025; $(2,845,903) at 12/31/2024.
• Common stock outstanding: 317,872,112 shares as of 12/31/2025; 307,960,508 shares as of 12/31/2024.
• Equity structure: no preferred stock outstanding; additional paid-in capital of $56,106,407; accumulated deficit of $(60,130,362) as of 12/31/2025.

People and governance

• Personnel: 6 full-time employees, 1 part-time employee, and 4 consultants (11 personnel total).
• Leadership: Benjamin Slager, CEO and Chairman; Anthony Santelli II, CFO and Director.
• Board: independent directors include George D. Bolton, Charles F. Sills, Peter Zimeri, Edmund Burke, and Chris Kneppers. The company maintains an Audit Committee and a Compensation/Nominating Committee.
• Related-party arrangements: the company has notes, warrants, and payables to related parties and has ongoing arrangements to convert or defer officer compensation into equity or warrants. The board has approved compensation adjustments and potential future RSUs and stock options.

Locations and leases

• Corporate office: 3710 Buckeye Street, Suite 120, Palm Beach Gardens, FL 33410.
• Office lease: extended through October 31, 2029; initial annual base rent around $109,205 with 3% annual increases and 10.41% of operating expenses plus sales tax.
• King grass cultivation site: 18.2 acres in Arcadia, FL on a short-term lease with termination at will (not recognized as a right-of-use asset or lease liability).

Customers and revenue visibility

• Reported revenues for 2024 and 2025 were $0. The company plans to generate revenue primarily through the VertiBlue joint venture and by monetizing government incentives and credits (RINs, CFPC, LCFS) once commercial production is established.

Going concern and capital needs

• The company has accumulated losses and a working capital deficit; the financial statements note substantial doubt about the company’s ability to continue as a going concern.
• Management estimates roughly $90 million will be required to participate in VertiBlue Fuels and begin commercial production. Management is pursuing capital raises and has completed several smaller financings (convertible notes and private placements) to date.

Scope

This summary reflects information provided in the company’s Form 10-K, including business description, plan of operation, patents, the Vertimass joint venture (VertiBlue Fuels, LLC), pilot plant development, and financial statements for 2025 and 2024.