Imperial Petroleum, www.imperialpetroleuminc.com – wholly-owned subsidiary, e-Biofuels (a biofuel-focused production arm for the Company out of Middletown, Indiana), reported excellent sales data for September today, moving over 1.87M gallons of biodiesel that resulted in revenues of some $5.65M.
Compared to an average of monthly revenues from 2009, this data represents a whopping 339% increase, and is a 61% increase over July 2010 figures, clearly demonstrating the massive uptake and success of the venture.
President of IMPN, Jeffrey T. Wilson, commended staff and management at the e-biofuels subsidiary for their dedicated efforts to increase sales volume and revenues while holding down operating costs ever since the Acquisition by IMPN, and called this a very exciting time.
Wilson noted that, since the May 2010 acquisition activity, the plant has outstripped expectations, with the initial plan (to push production to the plant’s capacity of 15M gallons/year) achieved in July, well ahead of schedule, and the plant’s team already coming close to the second goal (of expanding to 25M) just this past month.
Wilson projected that contracted volumes will maintain production and sales at September levels well on into the current fiscal year, and that extension of current bank commitments for the subsidiary’s senior debt are well in hand through Dec. this year, providing ample leg room for a complete re-financing.
Bio-jet fuel production capabilities, implementation of improved efficiency process technology, and the feasibility of scaling up will be determined via completion of a prototype operation within the next 60 days.
Recovery tests are slated for late October, and will validate bio-char decontamination capabilities (metals and other harmful materials) of the pyrolysis of auto shredder residue. If successful, this will lead to the installation of a pyrolysis circuit affording waste to bio-mass energy conversion.
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