ST. LOUIS, Nov. 5 /PRNewswire-FirstCall/ -- CleanTech Biofuels, Inc. (OTC Bulletin Board: CLTH) applauded the adoption of Proposition C, Renewable Portfolio Standards, in Missouri. This "Missouri Clean Energy Initiative" requires the state's three large investor-owned utilities to get 15 percent of their electricity from renewable sources by 2021. With Missouri's adoption of these new standards, more than half the states in America have adopted Renewable Portfolio Standards.
Passage of this initiative tightens the voluntary standards that the Missouri legislature passed last year, which require companies only to make "good-faith efforts" to reach a goal of 11 percent renewables by 2020.
The overwhelming support for this initiative among the voting public and even the utilities industry proves that the American public and the energy industry are strongly in favor of developing local sources of energy. In Missouri the new law passed with over 66% of the votes cast in favor of adoption. Ameren UE and Empire District Electric Company, two of the largest utilities in the state officially remained neutral on the initiative, while Kansas City Power and Light supported it.
CleanTech is currently implementing its technology for producing renewable biomass from municipal solid waste at a commercial site in Chicago, Illinois and is evaluating a number of additional sites for commercial development.
About CleanTech Biofuels, Inc.
CleanTech Biofuels, Inc. is a development stage company with technology that the company believes is capable of converting municipal solid waste into electricity, ethanol and other energy products. By using the existing infrastructure for municipal solid waste collection and disposal to collect biomass at low or possibly negative feedstock cost, the Company expects to achieve profitability quickly relative to other energy producers who must develop their infrastructure to collect and transport more expensive feedstocks such as sugar cane, corn or even switchgrass, wood waste, or corn stover.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development, and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.
SOURCE CleanTech Biofuels, Inc.