China Clean Energy, Inc., a company engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources, recently announced that its wholly owned subsidiary, Fujian Zhongde Energy Co., Ltd., has secured a line of credit for up to RMB 33 million (equivalent to approximately US $4.8 million).
China Clean Energy expects to use the expanded credit line to support the ramp-up of its new Jiangyin Plant, which has the capacity to produce a total output of 70,000 tons of biodiesel and specialty chemicals per year. Completed in October of 2009, management expects the Jiangyin Planct capacity utilization to reach 50 percent by the second quarter of 2010.
Tai-ming Ou, China Clean Energy’s chairman and chief executive officer, stated, “We are very pleased to increase our line of credit with Fujian Haixia Bank. This expands our liquidity position to support the ramp-up of our new plant, and reinforces our confidence in the outlook for our business in the quarters ahead.”
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