In California, BlueFire Ethanol Fuels posted 2009 revenue of $4.318 million and a profit of $0.04 profit per share. CEO Arnie Klann explained “Through BlueFire’s continued progress on developing its two planned cellulosic ethanol plants, BlueFire was able to recoup development costs previously expensed dating back to 2007. Late in 2008, BlueFire sought guidance from the SEC on the correct treatment of these reimbursements. It was determined that these reimbursements should be treated as revenue, as the costs were expensed in prior periods and expenses related to the grant are not directly identifiable”
Also in 2009, BlueFire began to develop relationships with key industry partners such as Solazyme, which has been testing sugars produced through BlueFire’s Arkenol process. “The relationship with Solazyme, and others we are developing, will provide BlueFire the opportunity to be a full service fuel supplier to the ethanol, bio-diesel, bio-jet, and other drop-in fuel markets,” said Klann.
More background on the story from the Digest
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