A New Benchmark

Biodiesel producer announces record sales
By Erin Voegele | October 25, 2011

e-Biofuels LLC, a wholly-owned subsidiary of Imperial Petroleum Inc., recently announced it sold approximately 26 million gallons of biodiesel during the fiscal year ending July 31, resulting in approximately $106 million in revenue.


“We’re very excited about the company’s growth prospects,” says Imperial President Jeffrey Wilson. At the Middletown, Ind., facility’s current product rates, the company is on pace to produce in excess of 34 million gallons of fuel in fiscal 2012 or an annual increase of about 30 percent. “In the fourth quarter of fiscal 2011, we settled or resolved all of the past vendor and litigation issues that had faced e-Biofuels at the time of its acquisition by [Imperial].”


On Sept. 16, Imperial further announced that it has entered into definitive agreements with accredited and instrumental investors to raise $3.1 million before fees and expenses in a private placement of equity securities.


“The proceeds of this equity raise will enable us to rapidly expand our biodiesel operations at the Middletown facility by about 30 percent,” Wilson says. “We expect the rapid expansion of the plant to between 40 and 45 MMgy to increase cash flow and revenues, enabling us to continue on our growth trajectory.”

 
 
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