Business
Aemetis Provides India Business Update Prior to India Prime Minister Modi Visit to Washington D.C.
CUPERTINO, CA - February 13, 2025 (NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company operating in the U.S. and
About this update from Aemetis, Inc
[{"type":"text","content":"CUPERTINO, CA - February 13, 2025 (NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company operating in the U.S. and India, today provided an update on the Aemetis biodiesel business in India ahead of meetings by Aemetis CEO Eric McAfee with officials during the visit by Prime Minister Narendra Modi to Washington D.C. this week.\nUniversal Biofuels, a subsidiary of Aemetis, is one of the largest biodiesel producers in India with an 80 million gallon per year plant in Kakinada, Andhra Pradesh, and has been operating in India for more than 17 years. Universal Biofuels generated $112 million of revenues from biodiesel and refined glycerin deliveries in the year ended September 2024.\nUniversal has already received $58 million of allocations for 2025 delivery of biodiesel from India government-owned oil refiners and marketing companies (\"OMCs\"). Universal expects to begin biodiesel shipments to OMCs in March under these allocations. To lead a planned IPO of the Universal Biofuels subsidiary this year, Aemetis recently appointed a new CEO and next month plans to announce a new CFO with recent Indian Stock Market IPO experience after completing a transition from his current position.\nBiodiesel consumption in India is expected to continue to grow as the National Biofuels Policy 5% target blend ratio (1.2 billion gallons per year) is implemented, and an IPO would be expected to fund expansion of production in India to meet this demand. A key factor in the growth of Universal Biofuels production capacity is access to renewable oil feedstocks in India and from imported feedstocks, including soybean farmers in the United States. Policies in India that support access to feedstock, including imports of renewable oils, directly support the expansion of Aemetis production volumes in India by using imported agricultural products in addition to local feedstocks.\nIndia is a relatively small crude oil producer, so India refineries import crude oil from other oil producing countries around the world. New U.S. policies are being advanced by the Trump administration to support the expansion of export markets for U.S. petroleum products, and the U.S. also has a unique opportunity to expand the market for exported agricultural products into the growing India biodiesel markets.\n\"The 25 billion gallon per y...