DOE pulls funding for Bluefire Mississippi project over financing woes; BFRE to appeal

December 29, 2013 |

The following notice was filed Friday with the SEC by Bluefire Renewables:

On December 23, 2013, Bluefire Renewables received notice from the Department of Energy indicating that the DOE would no longer provide funding under the Company’s DOE grant for the development of its cellulosic waste facility in Fulton, Mississippi, due to the Company’s inability to comply with certain deadlines related to providing certain information to the DOE with respect to the Company’s future financing arrangements for the Fulton Project. The Company is seeking to re-establish funding under the DOE Grant and has initiated the appeals process with the DOE. The Company shall exhaust all options available to it in order to reverse the DOE’s decision.

The Company cannot make any assurances that the DOE’s decision will be reversed on appeal or that such an appeal will be heard at all. If the Company’s attempt to appeal the DOE’s decision is unsuccessful, we will devise a new strategy with respect to financing the Fulton Project. The Company will deploy any remaining funds from previous DOE funding for the development of the Fulton Project as planned.

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