Aemetis India Expands Revenues to $50 Million Per Year Run Rate Driven by Biodiesel Shipments to Large Refiners
Aemetis, Inc (AMTX)
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Source: GlobeNewswire
CUPERTINO, CA and HYDERABAD, INDIA, July 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Aemetis, Inc. (NASDAQ: AMTX) announced today that its Universal Biofuels India subsidiary ramped revenues to more than a $50 million per year run rate after biodiesel shipments commenced in May pursuant to the previously announced $23 million biodiesel supply contract to the three India government-owned Oil Marketing Companies (OMC’s). “The supply contract with the OMC’s was announced in March and we began biodiesel deliveries in mid May to multiple OMC locations,” stated Eric McAfee, Chairman and CEO of Aemetis. “While ramping up biodiesel production to achieve new records, during the past few months the India plant has also recently upgraded its onsite power generators, improved truck access for inventory loading and is installing additional automation systems to maximize production yields while minimizing costs.” Biodiesel use in India is expanding at a rapid rate, led by the India OMC’s
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