CUPERTINO, CA / ACCESSWIRE / May 10, 2017 / Aemetis, Inc. (NASDAQ: AMTX) announced today that its Universal Biofuels subsidiary has won its first contract to supply biodiesel to the India government-owned Oil Marketing Companies ("OMC") in a public tender process. The total diesel market in India is approximately 25 billion gallons per year, of which less than 250 million gallons per year of biodiesel is currently blended. The OMC's provide about 70% of the fuel consumed in India, and the diesel fuel market is growing at a rate of more than 5% per year.
In 2016, the India government approved the use of up to 100% biodiesel to blend or replace diesel fuel, but biodiesel producers are currently limited to sales directly to bulk customers, including trucking and bus companies and to Oil Marketing Companies. The government approval for sales of 100% biodiesel by producers to retail fuel stations is in the review process, but OMC's are already approved to market blended biodiesel to railroads, bulk customers, and retail stations.
"This Oil Marketing Company supply contract is a milestone in expanding the customer base for our 50 million gallon per year capacity India biodiesel plant," stated Eric McAfee, Chairman and CEO of Aemetis. "The 80% reduction in particulate emissions provided by biodiesel is important for the improvement of air quality in India. The large capital investment in India made by Aemetis as a US company is aligned with the goals of Prime Minister Modi and Chief Minister Naidu in Andhra Pradesh. We look forward to expanding our biodiesel production capacity through capital investment and acquisitions to meet the growing demand for biodiesel and other renewable fuels in India."
Aemetis employs about 82 employees in India at its plant in Kakinada, Andhra Pradesh and headquarters in Hyderabad, Telangana. The plant was constructed in 2008 and was expanded to produce refined glycerin in 2013.
About Aemetis
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 second-generation 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 and Europe. Aemetis operates a research and development laboratory at the Maryland Biotech Center, 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.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Investor Relations/Media Contact:
Satya Chillara
(408) 213-0939
schillara@aemetis.com
SOURCE: Aemetis, Inc.
ReleaseID: 462784
