Gelonghui Finance· Jul 26 19:05
On July 26th, Gelunhui reported that Zhuoyue New Energy (688196.SH) plans to increase the capital of Excellence New Energy (Singapore) Pte.Ltd. ('Singapore Excellence'), its wholly-owned subsidiary in Singapore, by $20 million to develop a biodiesel project. Singapore Excellence has already obtained the right to use the property of a biofuel producer through tender. The company will optimize the process equipment, expand production, and aim to produce 0.2 million tons of biodiesel annually on the basis of the existing device, and is expected to complete the first phase of the biodiesel project production operation with an annual output of 0.1 million tons in the first quarter of 2025. The Singapore biodiesel project has a total planned investment of 50 million Singapore dollars (approximately US $37.22 million). Within the limit of 50 million Singapore dollars, the company will first increase the capital of Singapore Excellence by $20 million to develop the Singapore biodiesel project, and will invest follow-up funds according to the progress of the project.