CUPERTINO, CA and HYDERABAD, INDIA, May 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Aemetis, Inc. (AMTX) announced today that its Universal Biofuels India subsidiary was awarded a large ongoing supply contract for distilled biodiesel by a multi-site mining company for use in dump trucks and other heavy diesel equipment at mines in Southern and Central India. Shipments have already begun to the mining customer under the supply agreement and will be expanded to additional mines as on-site biodiesel storage is installed.
Mining trucks and other large equipment at mines is estimated to require more than 25 million gallons per year of biodiesel, equal to 50% of the capacity of the India plant, as the mining supply agreement is expanded and other mining companies adopt biodiesel. Distilled biodiesel is a lower cost fuel than diesel, emits 90% lower particulate emissions and significantly reduces carbon emissions.
“With the recent completion of our India 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 continuing to expand domestic markets, which now include mining customers,” stated Eric McAfee, Chairman and CEO of Aemetis. “As the only US company producing biofuels in India, Aemetis’ India team continues to expand its market reach by winning new customers in innovative domestic markets.”
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 is building a dairy digester, pipeline and gas conditioning system near its plant in California to produce below zero carbon content Renewable Natural Gas (RNG). 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 and market expansion 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, 2018, 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.
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