Biodiesel business General Bio Energy is on track to double its annual fiscal revenue, anticipating record results after it was bought out by Canada-based renewable energy company Clean Power Concepts earlier this year.
In the six months leading up to November 2010, the company generated $443,071 in revenue, which was more than double the $190,016 it achieved during the equivalent period of 2009.
General Bio, which operates a biodiesel refinery and environmental lubricants plant in Saskatchewan province, is on target to reach its yearly sales forecasts and generate record revenues, the company announced in a release.
‘Our impressive results so far in 2010 include a 12-fold increase in canola oil sales and a 100 per cent increase in sales of canola meal,’ said parent company Clean Power Concepts’ CEO Mike Shenher.
Post acquisition, Clean Power Concepts plans to expand its oil sales internationally, with the aim to double its revenues each year, according to Shenher.
He said, ‘Our core oil business will continue to drive our growth. At the same time, we’ll continue to expand our branded manufacturing business, further leveraging the diversity of our balanced business model.’
Global demand for canola is soaring, particularly in the US and Europe, due to the use of its oil as a renewable clean burning fuel source. As one of Canada’s most valuable field crops, the canola industry adds more than $13bn in economic activity to the Canadian economy.
‘All of us at Clean Power are enthusiastic about what has been achieved thus far in 2010 and what we’ll be able to accomplish in the next five years, and in particular about the value we expect to create for all of our stakeholders,’ said Shenher.
Clean Power Concepts, which was established in 2005, acquired 95.1 per cent of General Bio Energy through a share exchange this April. The subsidiary’s existing plant has an annual crushing capacity of 19.7 million litres and is capable of crushing a variety of feedstocks.
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