Business
Aemetis Completes Expansion of India Biodiesel Plant One Year Ahead of Schedule, Increases Annual Production Capacity to 60 Million Gallons
Increase in capacity was internally funded by positive cash flow from India operations; Aemetis Five Year Plan targets 100 mgy capacity by year 2025
About this update from Aemetis, Inc
[{"type":"text","content":" Increase in capacity was internally funded by positive cash flow from India operations; Aemetis Five Year Plan targets 100 mgy capacity by year 2025 CUPERTINO, CA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, announced today that the company’s Universal Biofuels subsidiary has completed an expansion of its India biodiesel plant annual production capacity to 60 million gallons more than one year ahead of schedule, supplying the expanding demand for biodiesel by India government-owned Oil Marketing Companies (OMC’s). The Aemetis Five Year Plan describes an increase from 50 million gallons per year (MGY) to 100 MGY of biodiesel production capacity at the India plant to be completed by year 2025. Additional capital projects to increase the production capacity at the Kakinada, India biodiesel plant to 80 MGY are in process for completion in the first half of 2024, also ahead of schedule. “The market for biodiesel in India continues to expand as OMC’s increase the number of blending locations and the percentage of biofuel blended into diesel,” stated Sanjeev Gupta, President of Aemetis International. “The Kakinada plant has expanded production by completing upgrades to de-bottleneck the plant, and the next phase will add additional process equipment to increase capacity. When production capacity reaches 100 million gallons per year, the India business will be able to generate more than $500 million per year of revenues,” Gupta added. “Aemetis continues to demonstrate our ability to design, engineer, permit, construct and operate renewable fuels production facilities, then continually improve the energy efficiency, feedstocks, and other carbon intensive components of operations to improve financial margins by reducing costs and increasing revenues,” said Eric McAfee, Chairman and CEO of Aemetis. “The US ethanol business is doing relatively well due to low feedstock and natural gas costs, and our India biodiesel business continues to perform very well while increasing production capacity without incurring debt. We see our focus on reducing the carbon intensity of our renewable fuels as an expanding competitive advantage compared to petroleum fuels.” Built by Aemetis near the eastern India port of Kak...