Aemetis Biogas Achieves Revenue Milestones by Generating Federal RINs and Filing California LCFS Pathway to Begin RNG Revenues in June 2023
05 June 2023 - 10:00PM
via NewMediaWire –
Aemetis, Inc. (NASDAQ: AMTX), a
renewable natural gas and renewable fuels company focused on
negative carbon intensity products, announced today that its
Aemetis Biogas subsidiary generated federal D3 Renewable
Identification Numbers (D3 RINs) from the EPA under the Renewable
Fuel Standard (RFS) for the first time and has filed to generate
California Low Carbon Fuel Standard (LCFS) credits for Renewable
Natural Gas (RNG) that was delivered to heavy transportation
customers starting in late May 2023.
“D3 Cellulosic RIN’s are the most valuable type of federal
renewable fuels credit and the LCFS Temporary Pathway filing
enables Aemetis Biogas to sell RNG to trucking companies to
displace petroleum diesel,” stated Andy Foster, President of
Aemetis Biogas. “Aemetis Biogas has already built and now is
operating 40 miles of biogas pipeline, a central biogas-to-RNG
production facility, a PG&E utility gas pipeline
interconnection, and seven dairy digesters that are producing
biogas.”
“We have five dairy digesters under construction and an
additional 25 digesters in various stages of development,” said
Eric McAfee, Chairman and CEO of Aemetis, Inc. “Generating valuable
D3 RINs and filing for LCFS Temporary Pathway credit revenues are
the two most important revenue milestones for the dairy RNG project
since we started engineering and permitting work in 2018, allowing
us to expect positive cash flow from biogas beginning in the third
quarter of this year.”
The Aemetis Biogas project is managed by a recently installed
Allen Bradley Decision Control System (DCS) with Artificial
Intelligence (AI) energy and process management capabilities.
The integrated, on-site and remote management of the Aemetis Biogas
network of dairy digesters supports the rapid addition of dairy
digesters to the 40-mile Aemetis pipeline and Biogas-to-RNG system
with utility interconnect.
The Aemetis Biogas network of dairy digesters in Stanislaus and
Merced Counties of California, and the AI Decision Control System,
is partially funded by more than $25 million of grants awarded by
the California Department of Food & Ag, California Energy
Commission, and the PG&E utility.
Aemetis Biogas has received loan guarantee commitments for
20-year project development loans from the US Department of
Agriculture under the Renewable Energy for America Program
(REAP). Four loans for a total of $100 million of additional
USDA REAP funding is in process to fund the next phases of a total
of 60 dairy digesters scheduled to be built in the next sixty
months.
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 dairy 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 has supplied 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 sustainable aviation fuel (SAF)
and renewable diesel fuel biorefineries in California to utilize
distillers corn oil, refined tallow and other renewable oils to
produce low carbon intensity renewable jet and diesel fuel using
renewable 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 relating to the development and construction of the
Aemetis biogas project, expected greenhouse gas emission reductions
from Aemetis projects, and our ability to finance, permit, develop
and deploy technologies to produce renewable fuels and
biochemicals. 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.
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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