via NewMediaWire --
Aemetis, Inc. (NASDAQ: AMTX)
announced today that its Aemetis Properties Riverbank, Inc.
subsidiary acquired approximately 20% ownership of Nevo Motors,
Inc. under a Strategic Electric Vehicle Production Facilities
Agreement that will utilize current and future Aemetis
manufacturing facilities and fueling stations, as well as renewable
natural gas and renewable electricity produced by Aemetis.
“Nevo”, which stands for “New Electric Vehicle Optimization”, is a
stealth mode company with its product launch planned for Q1 2021.
“Aemetis is excited to become a significant shareholder of Nevo
Motors just prior to the launch of the Nevo truck product lines
planned in 2021,” stated Eric McAfee, Chairman and CEO of
Aemetis. “This strategic agreement utilizes the production
buildings, onsite railroad, renewable electricity substation and
other facilities at the 140-acre, 710,000 square foot Aemetis
Riverbank, California manufacturing facility, as well as other
Aemetis infrastructure, renewable energy products, and expertise in
renewable fuel credits and markets.”
High Capacity Electric Vehicles (HCEV’s) from Nevo Motors are
designed for heavy cargo and long range by using on-board range
extender generators powered by renewable natural gas (“RNG”), with
future electric truck models designed to use patented hydrogen and
ethanol range extenders. The goal is to achieve major
reductions in operating and maintenance costs while eliminating
carbon and pollution emissions in highway cargo transport by
meeting Zero Emission Vehicle (“ZEV”) standards.
“Nevo Motors plans to replace diesel engines in the $90 billion
per year trucking industry with hybrid electric systems that
combine electric drivetrains, batteries and patented range extender
generators,” stated Michael Peterson, CEO of Nevo Motors.
“Long haul and other diesel trucks can be powered by low carbon,
lower cost, domestically produced renewable natural gas and
biofuels that expand local investment and jobs instead of
continuing to export investment capital to other countries to
purchase imported petroleum.”
The first trucks in the Nevo product line of electric heavy duty
trucks with range extender generators for long haul and local
transportation markets are scheduled for production in 2021.
Aemetis produces below zero carbon intensity RNG with plans to
grow from two dairies to as many as 50 dairies in the Aemetis
Biogas Central Dairy Digester Cluster and other California dairy
digester and pipeline projects.
“By far, the highest and best use of renewable natural gas is to
displace diesel in transportation, which means that Aemetis RNG can
be used to power long haul and delivery trucks to maximize the
financial results of our RNG projects,” stated McAfee. “RNG
can directly fuel natural gas vehicles or convert RNG to
electricity which can charge the batteries in electric
trucks. Aemetis currently produces renewable ethanol which
can be utilized by hybrid ZEV’s, creating additional value for
Aemetis by selling ethanol directly to truck fleets and truck stops
without blending into gasoline.”
Funded with more than $200 million of equity and credit
facilities, Aemetis has completed Phase 1 and is now in Phase II of
construction for production of below zero carbon renewable natural
gas from 17-dairy Aemetis Biogas Central Dairy Digester
Cluster.
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 traditional petroleum-based
products. Founded in 2006, Aemetis has completed Phase 1 and
is expanding a California biogas digester network and pipeline
system to convert dairy waste gas into Renewable Natural Gas
(RNG). 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 a plant in California
to convert waste orchard wood into cellulosic ethanol and renewable
hydrogen. Aemetis holds a portfolio of patents and related
technology licenses for the production of renewable fuels and
biochemicals. For additional information about Aemetis,
please visit www.aemetis.com.
About Nevo Motors
Headquartered in Cupertino, California, Nevo Motors is
commercializing patented range extender generator technology that
retains the high torque, fuel efficiency, and durability benefits
currently associated with diesel engines, yet eliminates the need
for Selective Catalytic Reduction (SCR) and Diesel Emission Fluid
(DEF). By replacing high-carbon, petroleum-based diesel fuel
with 100% low-carbon, renewable fuels, Nevo Motors plans to
significantly reduce CO2 and particulate-matter emissions to
meet Zero Emission Vehicle (ZEV) standards.
Nevo Motors was originally founded in 2009 as a large-scale
solar developer project company named Solargen Holdings, Inc.,
whose parent company raised two rounds of institutional funding
from international and domestic investors. Solargen completed
the project development of a 399-megawatt solar project in
California that was acquired and is being built out by a major
utility. Nevo Motors has been in stealth mode during product
development and plans to publicly launch in Q1 2021. For
additional information about Nevo Motors, please visit
www.nevomotors.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
statements regarding our 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 relating to our ability to develop and market hybrid
electric vehicles, the ability of our component manufacturers to
deliver products, the production of vehicles by competitors that
may be better funded and have products that are more fully
developed, the development of the Aemetis Biogas Central California
Dairy Project, and the ability to access the funding required to
execute on our hybrid electric vehicle business plans. Words
or phrases such as “anticipates,” “may,” “will,” “should,”
“believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,”
“projects,” “showing signs,” “targets,” “will likely result,” “will
continue”, “enable” 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 (the “SEC”), including
the Aemetis Annual Report on Form 10-K for the year ended December
31, 2019, 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
RelationsContact:Kirin SmithPCG Advisory
Group(646) 863-6519ksmith@pcgadvisory.com
Company Investor Relations/Media
Contact:Todd Waltz(408) 213-0940investors@aemetis.com
Aemetis (NASDAQ:AMTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aemetis (NASDAQ:AMTX)
Historical Stock Chart
From Apr 2023 to Apr 2024