Aemetis India Subsidiary on Schedule with Biodiesel Shipments to OMC Customers: $27 million of Q2 Contracted Deliveries Already Completed
15 Junho 2023 - 9:00AM
via NewMediaWire –
Aemetis, Inc. (NASDAQ: AMTX), a
renewable natural gas and renewable fuels company focused on
negative carbon intensity products, announced today that its
Universal Biofuels subsidiary in India is on schedule with
biodiesel shipments to the three government-owned Oil Marketing
Company (OMC) customers with $27 million (80%) of the $34 million
of second quarter contracted deliveries already completed.
The combined orders for Q2 2023 comprised about 8 million gallons
of biodiesel and future volumes are expected to be increased as OMC
procurement processes continue to improve.
“Similar to our renewable fuels projects in the United States,
Aemetis is committed to improving the environment and health in
India by reducing the country’s dependence on imported, high cost,
highly polluting petroleum diesel fuel,” stated Eric McAfee,
Chairman and CEO of Aemetis, Inc. “Our Universal Biofuels plant is
one of only a few biodiesel producers in India that has passed each
of the many independent product quality tests required by the late
2022 and the Q2 2023 OMC tenders. We are scaling up our
operational capacity to meet quarterly OMC tender offers that are
significantly larger than our current capacity to produce
biodiesel.”
As the largest producer of biodiesel in India, improvements in
the OMC procurement process have enabled the Universal Biofuels 50
million gallon per year capacity plant to increase production.
Expanded biodiesel production supports the Indian
government’s initial goal of a 1% biodiesel blend in the amount of
about 250 million gallons per year, on the way to fulfilling the 5%
blend (1.25 billion gallons per year) set forth in the 2022
National Biofuels Policy.
India consumes about 25 billion gallons per year of diesel, but
India does not have a meaningful amount of domestic oil production
and is dependent on imported crude oil to supply its petroleum
refineries. The adoption of a 5% biodiesel blend target by
the India government under the 2022 National Biofuels Policy is
expected to reduce the amount of petroleum imported into India,
reduce the export of dollars exported to purchase crude oil,
strengthen domestic agricultural producers and processors, and
significantly improve air quality while reducing carbon
pollution.
Petroleum diesel emissions are a significant contributor to poor
air quality and health issues in India. According to the
Public Health Foundation of India, air pollution cause causes more
than $36 billion of economic losses each year and about one of
every six deaths in India are caused by air pollution.
Biodiesel used in heavy transportation reduces particulate
emissions by more than 90% compared to petroleum diesel and creates
domestic demand in India for agricultural feedstocks and waste
byproducts to supply renewable fuel production facilities.
Biodiesel produced from waste feedstocks reduces carbon pollution
by 50% to 80% compared to petroleum diesel, directly reducing the
emission of greenhouse gases that contribute to climate change.
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable
natural gas, renewable fuel and biochemicals company focused on the
acquisition, development and commercialization of innovative
technologies that replace petroleum-based products and reduce
greenhouse gas emissions. Founded in 2006, Aemetis is
expanding a California dairy 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 has supplied about 80 dairies with animal feed. Aemetis also
owns and operates a 50 million gallon per year production facility
on the East Coast of India producing high quality distilled
biodiesel and refined glycerin for customers in India and
Europe. Aemetis is developing sustainable aviation fuel (SAF)
and renewable diesel fuel biorefineries in California to utilize
distillers corn oil, refined tallow and other renewable oils to
produce low carbon intensity renewable jet and diesel fuel using
renewable hydrogen from waste orchard and forest wood, while
pre-extracting cellulosic sugars from the waste wood to be
processed into high value cellulosic ethanol at the Keyes plant.
Aemetis holds a portfolio of patents and exclusive technology
licenses to produce 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 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 development, construction and operation
of the Aemetis Universal Biofuels production facilities, expected
greenhouse gas emission reductions from Aemetis projects, and our
ability to finance, permit, develop and deploy technologies to
produce renewable fuels and biochemicals. 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
Report on Form 10-K for the year ended December 31, 2022 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.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
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