Aemetis Biogas Builds Revenues With First Commercial Sale of D3 RINs Generated by Dairy Renewable Natural Gas Project
25 August 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 the sale of
88,883 D3 Renewable Identification Number credits (RINs), the
company’s first commercial D3 RIN transaction under the federal
Renewable Fuel Standard (RFS) generated by the Aemetis Biogas
Central Dairy Digester Project in California. The D3 RINs
were generated by the sale of dairy renewable natural gas (RNG)
delivered to customers in June 2023 and begins ongoing monthly
revenues from the sale of D3 RINs.
The federal D3 RINs that were sold completed an independent
review to enable the sale to be entirely comprised of Qualified
RINs (QRINs) that have been verified to conform with regulations
and identify sourcing. Separately, the California Low Carbon
Fuel Standard (LCFS) credits from Q2 2023 production are expected
to be generated at the end of Q3 after a verification process has
been completed.
The Aemetis Biogas Central Dairy RNG Project has signed 37
diaries to supply biogas digesters with animal waste; has built and
is operating seven dairy digesters; has installed over 33 miles of
biogas pipeline which is planned to be utilized for the next 30
digesters; built and is operating a centralized biogas-to-RNG
production facility; and has interconnected the RNG production
facility to the PG&E gas utility pipeline.
“The federal Renewable Fuel Standard has been in place since
2007, and the EPA D3 RIN mandate requires a number of D3 RINs to be
delivered by obligated parties that currently is expected to exceed
those available in the marketplace for 2023 through 2025,” stated
Eric McAfee, Chairman and CEO of Aemetis. “The Aemetis Biogas
project was developed to produce D3 cellulosic RINs to meet this
expanding mandated demand, as well as LCFS credits mandated by the
State of California.”
Aemetis Biogas is building anaerobic digesters at California
dairies to capture biomethane from animal waste. After removal of
contaminants and pressurization of gas at the dairy, a biogas
pipeline connects the dairies to a centralized facility located at
the Aemetis Keyes ethanol plant where the biogas is upgraded into
below zero carbon intensity RNG. The RNG is then injected
into the Pacific Gas and Electric (PG&E) gas pipeline for
delivery to transportation fuel customers throughout California. In
addition to delivery of RNG through third parties, Aemetis is
building an onsite RNG fueling station to fuel local trucks.
About 25% of the methane emissions in California are emitted
from dairy waste lagoons. When fully built, the Aemetis biogas
project plans to capture methane from the waste produced by more
than 150,000 cows at dairy farms in California, producing more than
1,650,000 MMBtu of renewable natural gas from captured dairy
methane each year. The project is designed to reduce greenhouse gas
emissions equivalent to an estimated 6.8 million metric tonnes of
carbon dioxide over ten years, equal to removing the emissions from
approximately 150,000 cars per year.
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 relating to the development and construction of the
Aemetis Biogas RNG project, expected greenhouse gas emission
reductions from the completed Aemetis Biogas RNG project, the
development of biogas upgrading facilities at the Keyes plant and
our ability to promote, 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.
External Investor RelationsContact:Kirin SmithPCG
Advisory Group(646) 863-6519ksmith@pcgadvisory.com
Company Investor Relations/Media Contact:Todd
Waltz(408) 213-0940investors@aemetis.com
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