Aemetis India Renewable Fuels Plant Selected for $3 Million Per Month Supply of Biodiesel to Andhra Pradesh State Road Transp...
16 March 2021 - 11:59PM
via NewMediaWire --
Aemetis,
Inc. (NASDAQ: AMTX) announced
today
that its Universal Biofuels subsidiary
located in the Andhra Pradesh state of India was selected by the
Andhra Pradesh State Road Transport Corp. (“APSRTC”) to supply
approximately 800,000 gallons per month of biodiesel to fuel public
transport buses in the region. The arrangement is
expected to be ongoing to meet the needs of APSRTC. The
State of Andhra Pradesh has a population of 84 million people,
including approximately 28,000 villages.
“After an initial ramp up period, revenues from
the APSRTC supply agreement are expected to be about 20% of our
plant capacity generating $36 million per year including glycerin
byproducts, for a total of $180 million under the recently
announced Aemetis Five Year Plan,” stated Eric McAfee, Chairman and
CEO of Aemetis. “We built our 50 million gallon per year
capacity biodiesel plant in the port city of Kakinada in the State
of Andhra Pradesh on the East Coast of India to convert waste from
the edible oil industry into high quality biodiesel. The
selection of Universal Biofuels to supply APSRTC is the result of
many years of reliably producing a high quality product and
building our reputation as a proven large scale producer.”
Currently, APSRTC operates 11,522 buses with 423
bus stations, 128 depots and 692 bus shelters. The
Corporation's buses connect villages to all major towns and cities
in the State of Andhra Pradesh, as well as cities in the
neighboring States of Tamilnadu, Karnataka, Odisha, and
Telangana.
In 1999, APSRTC entered the Guinness Book of
World Records for owning the largest fleet of buses in the
world. The supply agreement was arranged after the Aemetis
plant was evaluated and approved for quality and production
capacity by the APSRTC Head of Engineering.
The Aemetis Corporate Presentation is posted on
the Investors section of the Aemetis website
at http://www.aemetis.com/investors/presentation/.
About Aemetis
Headquartered in Cupertino, California, Aemetis is
a renewable natural gas, renewable fuel and bioproducts company
focused on the acquisition, development and commercialization of
innovative technologies that replace traditional petroleum-based
products. Founded in 2006, Aemetis has completed Phase 1 and
is expanding a California biogas digester network and pipeline
system to convert dairy waste gas into Renewable Natural Gas
(RNG). 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 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 the Carbon
Zero biorefinery in Riverbank, California to convert renewable
hydrogen from waste orchard wood and renewable electricity from
solar and hydroelectric sources combined with non-edible oils into
renewable jet fuel and renewable diesel, while pre-extracting
cellulosic sugars for use by the Keyes ethanol plant to produce
cellulosic ethanol. Aemetis holds a portfolio of patents
and related technology licenses for the production of renewable
fuels and bioproducts. 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
ability to supply product under this arrangement, and the
continuance of governmental mandates and supply contracts 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,” “enable” 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
the Aemetis Annual Report on Form 10-K for the year ended December
31, 2020, 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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