US Energy Initiatives ramps up production, revenue generation
U.S. Energy Initiatives Corporation Inc. announced it has begun producing biodiesel through its joint venture partner relationship with Promethean Biofuels in Temecula, Calif. USEI says this partnership is designed to help meet California’s demand for biodiesel under the low carbon fuel standard (LCFS). In the next few months USEI says it will ramp up towards nameplate capacity and generate significant capital. The venture is part of an ongoing, and carefully coordinated, plan that both firms have committed to through 2014.
“We are just excited to be producing B100 biodiesel, which is a high-grade, single-source ASTM-quality biodiesel,” said USEI CEO Anthony Miller. “Our goal is to utilize a wide variety of feedstocks to make different biofuels. Promethean Biofuels is an amazing firm with an extremely competent staff and we are exceedingly happy to be working with them. This week we begin a plan of acquiring feedstock for biodiesel and our initial purchase of 6,000 gallons should ramp up to 18,000 gallons per week in the next few weeks. There is a significant demand for [biodiesel] and our goal is to capitalize on this bourgeoning market. At this level of production noted hereto we believe that U.S. Energy’s revenue should exceed $100,000 in the next 45 days. Our management has other plans and partnerships that it is seeking to help us to reach our potential as a biofuel producer and marketer.”