CUPERTINO, CA / ACCESSWIRE / May 25, 2017 / Aemetis, Inc. (NASDAQ: AMTX) announced today that its Universal Biofuels subsidiary in India has signed a three-year biofuels supply agreement with BP Singapore Pte Limited (BPS), the regional trading arm of BP Plc, which has an expanding biofuels portfolio.
"The agreement sets forth the logistics, pricing and other terms of the supply to BPS of low carbon biodiesel," stated Eric McAfee, Chairman and CEO of Aemetis. "We expect production to commence this quarter and shipments to foreign markets to begin in the third quarter of 2017."
"The agreement with Universal Biofuels gives us access to low carbon biofuels, which is aligned with our strategy in transitioning to a lower carbon future," said Paul Lantero, Chief Operating Officer for BP in Singapore. "This deal bolsters our biofuels presence in Asia and other regions."
The Aemetis plant in Kakinada, Andhra Pradesh has a capacity of 50 million gallons per year and is the first and only India biofuels producer approved under the Low Carbon Fuel Standard for delivery of tallow and waste oil biodiesel into California. In April 2017, Aemetis filed a patent on process technology developed at the Kakinada, India plant for the conversion of a wide range of waste feedstocks into biodiesel.
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.
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SOURCE: Aemetis, Inc.