Methes Energies hits biodiesel shipment milestone in October
Methes Energies International Ltd. announced Nov. 5 that 18 rail cars were shipped out of its Sombra, Ontario, biodiesel facility last month, totaling more than 485,000 gallons. The company reports this is the highest monthly level of shipment this year, surpassing the previous monthly high of eight rail cars in April.
The increase in production and sales are due mainly to the availability of a working capital facility that was set up several weeks ago. Methes Energies has begun discussion with the current lender to increase production capacity at the Sombra facility. According to Methes, at the current run‐rate, the company is on pace to produce as much biodiesel in the fourth quarter of this year, ending Nov. 30, than the entire 2012 fiscal year.
“We hope to continue the current growth rate for the foreseeable future as we continue to have record months in production,” said Nicholas Ng, president of Methes Energies. “Our goal is to leverage on this momentum and produce even more biodiesel in November. We enjoy a great working relationship with our financial partner and as they continue to see our success, we are confident that they will assist us in maintaining our growth rate.”
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