Initial $20 Million of Third Quarter Cost-Plus Contracts Awarded by Government Oil Companies; India Oil Company Senior Executives Tour Aemetis India Biodiesel Plant
12 Julho 2023 - 10:45AM
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 has been awarded an initial
$20 million of cost-plus contracts for delivery to government-owned
oil companies during the third quarter. Additional cost-plus
contracts with OMCs are in process for delivery during the third
quarter.
An initial 18,000 kiloliters of biodiesel of
cost-plus biodiesel contracts for delivery during Q3 2023 have been
awarded to Aemetis. Universal Biofuels completed approximately $34
million of second quarter shipments that were sold under cost-plus
contracts with government-owned oil companies, though Q2 quarterly
revenues will not reflect about $1.8 million of shipments in
transit at the end of the quarter.
Universal Biofuels recently hosted several India
Oil Company senior executives for detailed tours of the Aemetis
India biodiesel plant. The India Oil Company executives that toured
the 50-million-gallon capacity Kakinada plant included the
Executive Director and the Chief Operating Manager who oversee
biodiesel procurement.
“The Universal Biofuels biodiesel plant has an exceptional
record of timely delivery and very high quality,” stated Sanjeev
Gupta, President of Aemetis International. “Approximately
50,000 kiloliters of biodiesel have been delivered to the three
Government-owned Oil Companies in the last two contract periods,
with only 10 kiloliters that did not pass the first acceptance test
despite deliveries that often require many days of truck travel and
unloading delays.”
“India Oil Company is a leader in the expansion of biodiesel and
other renewable fuels in India,” stated Eric McAfee, Chairman and
CEO of Aemetis, Inc. “The timely delivery of the Q3 biodiesel
tender by the three Oil Marketing Companies and the timely award of
initial volumes for Q3 delivery enables Universal Biofuels to
maximize production volumes to meet India government biofuels
blending goals.”
Built by Aemetis near the India port of Kakinada in Andhra
Pradesh, the Universal Biofuels plant is the largest biodiesel
production facility in India. 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 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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