Aemetis Receives Key Permit for 90 Million Gallon per Year Sustainable Aviation Fuel and Renewable Diesel Plant in California
13 September 2023 - 10:00PM
via NewMediaWire –
Aemetis,
Inc. (NASDAQ: AMTX), a renewable natural gas and
renewable fuels company focused on negative carbon intensity
products, received a Use Permit from the City of Riverbank to build
a 90 million gallon per year sustainable aviation fuel and
renewable diesel plant at the 125-acre Riverbank Industrial Complex
in Riverbank, California.
The Riverbank Industrial Complex, a former U.S. Army ammunition
production plant, is now being converted to business and industrial
use as part of the federal Base Realignment and Closure
program. “For many years, we sought out a green company to
lead us into the future and we found Aemetis,” stated Richard
O’Brien, Mayor of the City of Riverbank. “Thank you to
Aemetis for being the type of company that you are and for doing
such a great job at the Riverbank site which has already created
new local jobs in the green economy,” said Council member Darlene
Barber-Martinez.
The City of Riverbank is the lead agency under the California
Environmental Quality Act (CEQA) for Aemetis’ SAF/RD plant. The
approval by the Riverbank City Council includes approval of the
CEQA determinations that allow the remaining permits for the
project to be issued. “Aemetis continues to complete major
milestones in our Five-Year Plan,” said Eric McAfee, Chairman and
CEO of Aemetis. “This Use Permit and CEQA approval for the
Riverbank sustainable aviation fuel and renewable diesel plant is
the result of years of engineering and environmental work with the
City and several government agencies, allowing us to finalize
additional key permits in the next few months.”
Aemetis has signed $3.8 billion of sustainable aviation fuel
supply contracts with airlines, and a $3.2 billion renewable diesel
supply contract with a national chain of travel stops. The
90-million-gallon per year production facility will include about
$500 million of investment and create more than 800 jobs during
construction, as well as an estimated 650 permanent direct and
indirect jobs.
Renewable diesel used in transportation reduces particulate
emissions by more than 90% compared to petroleum diesel and creates
demand for agricultural feedstocks and waste byproducts to supply
renewable fuel production facilities. Sustainable aviation fuel
produced from waste feedstocks reduces carbon emissions by up to
80% compared to petroleum jet fuel, directly reducing the emission
of greenhouse gases that contribute to climate change.
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable
natural gas, renewable fuel and biochemicals company focused on the
acquisition, development and commercialization of innovative
technologies that replace petroleum-based products and reduce
greenhouse gas emissions. Founded in 2006, Aemetis is
expanding a California biogas digester network and pipeline system
to convert dairy waste gas into Renewable Natural Gas. Aemetis owns
and operates a 65 million gallon per year ethanol production
facility in California’s Central Valley near Modesto that supplies
about 80 dairies with animal feed. Aemetis also owns and operates a
50 million gallon per year production facility on the East Coast of
India producing high quality distilled biodiesel and refined
glycerin for customers in India and Europe. Aemetis is
developing the Carbon Zero sustainable aviation fuel (SAF) and
renewable diesel fuel biorefineries in California to utilize
distillers corn oil and other renewable oils to produce low carbon
intensity renewable jet and diesel fuel using cellulosic hydrogen
from waste orchard and forest wood, while pre-extracting cellulosic
sugars from the waste wood to be processed into high value
cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of
patents and exclusive technology licenses to produce renewable
fuels and biochemicals. For additional information about
Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
statements regarding assumptions, projections, expectations,
targets, intentions or beliefs about future events or other
statements that are not historical facts. Forward-looking
statements in this news release include, without limitation,
statements related to the construction, operation and expected
revenues from the Riverbank sustainable aviation fuel and renewable
diesel plant, our compliance with governmental programs, our
ability to expand production capacity, our ability to attract
government contracts, and our ability to access markets and funding
to execute our business plan. . Words or phrases such as
“anticipates,” “may,” “will,” “should,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “showing
signs,” “targets,” “view,” “will likely result,” “will continue” or
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based on current
assumptions and predictions and are subject to numerous risks and
uncertainties. Actual results or events could differ
materially from those set forth or implied by such forward-looking
statements and related assumptions due to certain factors,
including, without limitation, competition in the ethanol,
biodiesel and other industries in which we operate, commodity
market risks including those that may result from current weather
conditions, financial market risks, customer adoption,
counter-party risks, risks associated with changes to federal
policy or regulation, and other risks detailed in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31, 2022 and in our
subsequent filings with the SEC. We are not obligated, and do
not intend, to update any of these forward-looking statements at
any time unless an update is required by applicable securities
laws.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
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