Aemetis Inc., a renewable natural gas and renewable fuels company specialising in low and negative carbon intensity products, today announced that its Indian subsidiary, Universal Biofuels, has successfully delivered $103 million worth of biodiesel to three state-owned oil marketing companies (OMCs) under a cost-plus supply agreement, which ended on 9 September 2024 ending on 30 September 2024 under cost-plus supply agreements.
Aemetis recently received an initial $58 million of new quota from OMC to supply biodiesel in the current marketing year ending 30 September 2025 and has been producing biodiesel with deliveries scheduled to begin this month.OMC released the first biodiesel delivery quota for the year in late November 2024 and delivery pricing will be based on a cost-plus pricing formula. In the previous supply year ending 30 September 2024, OMC issued multiple solicitations and expects to issue multiple solicitations again in the current year.
During the most recent biodiesel plant upgrade and maintenance cycle, Universal Biofuels significantly expanded the production capacity of its proprietary process, which produces biodiesel from wastes and by-products, which Universal Biofuels utilises to produce biofuels that are less carbon-intensive and significantly lower in cost.