Aemetis India Plant Receives $31 million of Biodiesel Orders from OMCs for Delivery in Next Three Months
Additional OMC orders are expected throughout the year in order to continue shipments to fuel blending terminals on an ongoing basis to support the India government goal of increasing from a 1% to 5% biodiesel blend.
'Universal Biofuels and other biodiesel producers look forward to continuous support from the government of India to ensure that climate issues are addressed, while ensuring a healthy biodiesel industry,' stated Sanjeev Duggal, CEO of Universal Biofuels.
'We are pleased with the progress being made in India in support of the 5% biodiesel blending target of more than 1.2 billion gallons per year,' stated Eric McAfee, Chairman and CEO of Aemetis. 'The OMCs did not take deliveries during this past winter and instead decided to issue new orders for biodiesel with deliveries from May to July. Our Universal Biofuels subsidiary has successfully completed deliveries under contracts with the OMCs for the past several years, highlighting our track record for producing and timely delivering high quality renewable fuels at our India plant.'
Recently, India achieved a 20% ethanol blend into gasoline and the government stated a new 30% blend target for ethanol, enabling further growth in ethanol production and expanding revenues for farmers while reducing the importation of petroleum gasoline into India.
Universal Biofuels significantly expanded the production capacity of the Kakinada biodiesel plant to 80 million gallons per year during a recent plant upgrade and maintenance cycle, including expansion of its proprietary process that produces biodiesel from waste and byproducts that Universal utilizes to produce biofuels that are lower carbon intensity at a significantly reduced cost.
Aemetis' Universal Biofuels subsidiary is one of the largest biodiesel producers in India, having been in operation for more than 17 years. Universal Biofuels increased annual biodiesel capacity from 50 million gallons to 80 million gallons last year, with further biodiesel expansion to other locations and diversification into biogas production planned for 2025. To support further growth, Universal Biofuels is preparing for an IPO in India which is expected to be completed in late 2025, subject to continued favorable stock market conditions.
Universal Biofuels completed $112 million of biodiesel and glycerine shipments in the twelve months ended September 2024, including deliveries to the three government-owned oil marketing companies under a cost-plus contract. Shipments of biodiesel to OMC's are expected to begin in early May under the next round of biodiesel contracts.
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California's Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction and operation of the Aemetis biodiesel and other biofuel facilities; our ability to promote, develop, finance, and construct facilities to produce biodiesel, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as 'anticipates,' 'may,' 'will,' 'should,' 'believes,' 'estimates,' 'expects,' 'intends,' 'plans,' 'predicts,' 'projects,' 'showing signs,' 'targets,' 'view,' 'will likely result,' 'will continue' or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
Company Investor RelationsMedia Contact:Todd Waltz(408) 213-0940investors@aemetis.com
External Investor RelationsContact:Kirin SmithPCG Advisory Group(646) 863-6519ksmith@pcgadvisory.comSign in to access your portfolio
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