Boston, MA 10/09/2014 (wallstreetpr) – BlueFire Renewables Inc (OTCMKTS:BFRE) entered into a new Mater EPC contract for its MS cellulosic ethanol facility in Fulton. The contract is signed with a subsidiary of CTG Corporation. It is one of the largest renewable energy companies of China and the world.
The contract
The new EPC contract is the first of its kind in the U.S. It provides with the backing of a large and reputed multinational company. Also, there is expertise and experience to look after the execution of the construction of MS facility. It will work as a cooperation blueprint for CTC and BlueFire to work together on other projects too. The new EPC contract will take the services of a US based EPC Contractor. The functions assigned will be related to the onsite engineering, procurement and construction. EPC contractor will form a team using local craftsmen and suppliers. The idea of employing local people is to generate the local revenues for Itawamba County and nearby region.
The significance
The new contract will lead to cost savings by leveraging CTG relationships and experience for the completion of the planned project. CTG is the name behind building the largest hydro electric dam of the world. It has handled numerous infrastructure and energy projects globally. China intends to promote the use of non-food biomass for getting renewable fuels, chemicals and power in cooperation with the U.S. CTG supports the same objective of China government of helping the environment. It will bring renewable cellulosic fuels to China’s growing marketplace.
The future ahead
The new EPC contract is a pathway for BlueFire Renewables Inc (OTCMKTS:BFRE) to get the financing solutions in the US. It will also open new opportunities for BlueFire in Chinese market. The contract will result in the creation of new jobs in the U.S. as well as in China. Both companies have plans to work together on other projects in the future.
