So, it sort of doesn’t really matter. Obviously, the larger the Wet Cow Equivalent count, the faster we can get the bigger dairies on. That’s a good thing for all of us. But to some extent, it’s a little bit beyond our control with how the USDA funding rolls out. And the other thing to keep in mind, and I’m glad Eric mentioned it in terms of the Wet Cow Equivalent, is really how we’re going to start to refer to this business because in the past, dairy counts was sort of a metric we used of X amount of dairies. But what we’re finding is on many of these projects, it’s more economical for us to take three or four dairies and create one digester that these dairies all feed. We call them mega digesters or cluster digesters; however, you want to refer to it.
So, the number of dairies that you’ll see reported can kind of get a little clunky and confusing. So, we think on a Wet Cow Equivalent basis, you can measure MMBtus of gas and it’s pretty much more straightforward way to do it. But back to your question, I think we obviously, if we can group areas together as we’re doing construction from a labor perspective, that makes tons of sense. And so, we’re trying to do that as much as we can and then obviously proximity to the pipeline, but as I said the USDA funding mechanism, the REAP loans don’t necessarily all develop in exact sequence for which dairies are assigned to each loan and that constrains our ability a little bit in terms of how we plan.
Eric McAfee: And I should note that we have 43 dairies signed either participation agreements or lease agreements and expect to be above 50. We don’t really put press releases out every week or month when we sign an additional dairy or two. So, we’ll probably press release when we cross 50. But in general, we already feed animals at roughly 80 dairies. So, we’ll just continue to exercise our relationship with dairies. Our five-year plan is 75 dairies constructed and that’s less than the total aggregate number of dairies we supply with animal feed already today. So, our expectation is that we’ll continue to sign dairies far ahead of our construction and our opportunity this year is to provide additional liquidity to the process to prepurchase equipment, etc., and just accelerate the dairy development phase.
Specifically, because we have the interconnect and the pipeline already in place, we’re focusing really just on building dairy digesters and seeking to increase that pace.
Operator: Our final question today will be coming from Ed Woo from Ascendiant Capital. Your line is live.
Ed Woo: Yes, congratulations on all your progress. Talking going back to the India potential IPO, have you thought about listing in the U.S.? And also, what are your plans with the capital infusion when you do India IPO, especially you said that India was cash flow positive already and doesn’t necessarily need funding going forward?
Eric McAfee: If the U.S. market were to be extremely excited about India, today, we’d absolutely take that in consideration. We will discover that over the next few months. India stock market is very, very hot and there seems to be a strong appetite to invest in companies in that country. And so even international funds are coming in India to do that. Use of funds would include sustainable aviation fuel because it is 90-billion-gallon market. There are not going to be hydrogen, electric or nuclear-powered airplanes flying in passenger or cargo jets across the oceans anytime soon. And so, the major engine manufacturers and airframe manufacturers have all committed themselves to sustainable aviation fuel as a major initiative.
What’s lacking is any of the fuel. And so being one of the few companies that’s actually executed well in this space, we see really tremendous growth opportunities. In our India plant having access to cheap waste, low carbon, low-cost feedstock in a country of more than 1.3 billion people is just a very unique positioning we have. So, we’ll leave it open to the markets to tell us where they want us to go. But I got to tell you, even the European market is very interested in this business model. So, we think the India Stock Market probably were going to end up, but we’re certainly open to the feedback we get from investors and investment bankers.
Operator: Thank you. As we have no further questions at this time, I would like to turn the floor back over to management for closing remarks.
Eric McAfee: Thank you to Aemetis shareholders, analysts and others for joining us today. Please review the Aemetis five-year plan that is posted on the homepage of the Aemetis website. We look forward to talking with you about participating in the growth opportunities at Aemetis.
Todd Waltz: Thank you for attending today’s Aemetis earnings conference call. Please visit the Investors section of the Aemetis website, where we’ll post a written version and an audio version of this Aemetis earnings review and business update. Ali?
Operator: This concludes today’s teleconference. [Operator Closing Remarks].
