Shares of Mether Energies International (MEIL) soared more than 40% on Friday, after the renewable energy company announced that it is finalizing arrangements to supply up to 40 biodiesel railcars per month to a large national aggregator and downstream distributor in the U.S.
40 railcars of biodiesel per month are equivalent to 1 million gallons per month of biodiesel for the remainder of 2014 and beyond, according to MEIL.
MEIL noted that it is now qualified to act as a biodiesel importer of record into the U.S. and to generate RIN’s (Renewable Identification Numbers) in the country, which will provide better margins and allow the company to sell directly to U.S. buyers.
Methes Energies President Nicholas Ng said, “At current prices these new arrangements can add up to $4 million per month to our biodiesel sales. Also, the fact that we can now sell directly to U.S. buyers will make things much easier for us and enhance our ability to attract additional U.S. customers.”
MEIL shares recently traded at $3.73 per share, up 41% relative to Thursday’s close. The shares trade in a 52-week range of $1.50 to $5.50.
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