Cupertino, CA and Hyderabad, India (GLOBE NEWSWIRE) - via NEWMEDIAWIRE – Aemetis, Inc. (NASDAQ: AMTX) announced today that its Universal Biofuels India subsidiary has been awarded[WC1] a biodiesel supply contract with the three India government-owned Oil Marketing Companies in a public tender process. The contract provides for ongoing deliveries of biodiesel to a variety of blending locations in an aggregate amount of more than $23 million during 2019. Biodiesel shipments are scheduled to begin this month.
The total diesel market in India is approximately 25 billion gallons per year with 80% imported, of which less than 250 million gallons per year of biodiesel is currently blended. The 2018 National Biofuels Policy stated a plan to increase Biodiesel blending to 5% of the diesel market, equal to more than 1.2 billion gallons per year. The OMC’s in India supply about 70% of the fuel consumed in India, and the diesel fuel market has been growing at a rate of more than 5% per year.
“With the recent completion of our plant pretreatment unit and expansion to 50 million gallons of capacity per year from low cost, high free fatty acid feedstock, the Aemetis team in India is executing on a rapid increase in production and revenues this year by broadening our customers to include government, logistics, mining, retail fuel stations and other sectors,” stated Eric McAfee, Chairman and CEO of Aemetis. “As the only US company producing biofuels in India, Aemetis built and has now fully upgraded our India biodiesel and refined glycerin plant to use low cost feedstocks as a leader in this rapidly expanding market.”
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to the production or effectiveness of the India production facility, the achievement of certain cost advantages for product produced at the India facility, and the continuance of governmental mandates for biodiesel. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “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 (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2017, and in our subsequent 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.
© 2019 GlobeNewswire, Inc. All Rights Reserved.