In Indiana, Imperial Petroleum announced that its wholly-owned subsidiary, e-biofuels, a biodiesel producer in Middletown, cleared a milestone. After becoming part of Imperial and negotiating a series of feedstock purchase agreements and biodiesel off-take sales contracts, e-biofuels generated revenues of approximately $3.5 million in the month of July 2010 alone on fuel sales of about 1.2 million gallons and as a result the subsidiary expects to be highly profitable going forward.
Fuel sales for August 2010 are approximately 1.4 million gallons with revenues of just over $4.0 million for the month. “Expanding the plant throughput to its current capacity was one of our early goals for e-biofuels… August sales to date are on pace to exceed the July results,” commented Jeffrey T. Wilson, President of Imperial.
Wilson went on to add, “the closing of our financing for the Company, we expect to proceed quickly to expand the biodiesel production capacity to 25 MMGPY; convert the plant over to our more-efficient process technology and add bio-jet fuel capabilities. Our goal is to add slow pyrolysis equipment into the facility over the next year to produce both electricity for re-sale to the power grid and bio-oil for inclusion in our renewable boiler fuel and renewable heating oil products.”
More background on the story from the Digest
Category: Producer News