Blue Biofuels Inc (OTCMKTS:BIOF) Stock Gains Momentum: But Why?
A company that may come into focus towards the last few days of this week’s trading is Blue Biofuels Inc (OTCMKTS:BIOF) in light of the development from yesterday. The company announced on Wednesday that it had inked a Memorandum of Understanding with the company World Energy Sustainable Products LLC.
Trading Data
On Wednesday, BIOF stock increased 1.07% to $0.1728 with more than 47.44K shares, compared to volume of 171.58K shares. The stock moved within a range of $0.1686 – 0.1728 after opening trade at $0.1701.
Blue Biofuels Signs MOU with World Energy Sustainable Products for Offtake of Ethanol and SAF
As per the agreement, World Energy would buy the finished products which are manufactured by Blue Biofuels. That would include all the other related environmental and tax attributes, ethanol and sustainable aviation fuel. It was also announced that Blue Biofuels would also work on registering its products with the associated regulatory agencies so that the products qualify for the specific uses and also get the related credits.
The final definitive agreement would be signed between the two parties once Blue Biofuels concludes the build out of its semi-commercial facility. The Chief Executive Officer of Blue Biofuels Ben Slager spoke about the development as well. He noted that he was mightily pleased with the trust and cooperation that had been indicated by World Power. He went on to note that World Power also had the requisite volume of sales that would help in absorbing all the products manufactured by Blue Biofuels.
