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July 12, 2023

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PALM BEACH GARDENS, FL -- Blue Biofuels, Inc. (OTCQB: BIOF). Blue Biofuels (the “Company”) announces today the receipt of a prestigious Department of Energy (DOE) Small Business Innovation Research (SBIR) Phase 1 grant. The grant, valued at $206,500, will further propel Blue Biofuels' mission to revolutionize the biofuels sector and create sustainable transportation and aviation fuel.

The DOE SBIR Phase 1 grant will enable Blue Biofuels to advance its efforts to scale and optimize its patented cellulose-to-sugar (CTS) process. This funding will support the Company’s team of scientists and engineers as they continue to refine cutting-edge fuel technology aimed at reducing carbon emissions and mitigating climate change.

CEO Benjamin Slager expressed his excitement about this achievement, stating, "We are honored to be awarded the DOE SBIR grant, which recognizes our commitment to developing clean and sustainable fuels. This grant not only validates our ongoing efforts but also provides us with the resources needed to accelerate our research and move closer to commercialization."

With this grant, Blue Biofuels aims to successfully complete its Phase 1 scaling objectives, paving the way for future opportunities to secure larger-scale grants. The Company is poised to leverage the findings and data generated from this project to pursue subsequent DOE SBIR Phase 2 & 3 grants, potentially worth millions of dollars. Blue Biofuels remains steadfast in its commitment to advancing the biofuels industry and ushering in a cleaner and greener energy landscape.

Blue Biofuels is grateful to the Department of Energy for their trust and support in this endeavor. The Company is confident that this grant will serve as a stepping stone towards even greater achievements in the future, driving the Company toward commercialization and production.

ABOUT BLUE BIOFUELS’ CTS TECHNOLOGY

Blue Biofuels Cellulose-to-Sugar (CTS) technology is an environmentally friendly, sustainable, and renewable green energy system. The CTS process has a near-zero carbon footprint that can convert virtually any plant material – grasses, forestry products, and agricultural waste such as sugarcane bagasse and wheat straw -- into sugars and lignin. Sugars are subsequently processed into biofuels, such as ethanol and sustainable aviation fuel, and lignin may be further processed into a variety of products. The CTS process is a patented and proprietary technology wholly owned by Blue Biofuels.

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