Aemetis RNG Production Facility Receives EPA Approval for D3 RIN Generation; LCFS Data Collection Completed and Pathway Review In Process at CARB; Six Dairy Digesters Fully Operational
18 Maio 2023 - 9:00AM
via NewMediaWire –
Aemetis, Inc. (NASDAQ: AMTX), a
renewable natural gas and renewable fuels company focused on
negative carbon intensity products, announced today that the
Environmental Protection Agency (EPA) has approved the Aemetis
Biogas Services subsidiary’s renewable natural gas (RNG) production
facility for the generation of D3 Renewable Identification Numbers
(RINs) under the federal Renewable Fuel Standard (RFS). Six
dairy biogas digesters are fully operational and a seventh dairy
digester is scheduled to be operational in early June 2023.
The renewable natural gas produced by Aemetis is
expected to generate several revenue streams including: sale of RNG
for transportation use to replace petroleum diesel; sale of the
California Low Carbon Fuel Standard (LCFS) credits that are used by
fuel blenders to meet California carbon reduction and pollution
offset mandates; sale of the RINs generated under the federal RFS;
and sale of Inflation Reduction Act (IRA) Production Tax Credits,
beginning in 2025.
In addition, the construction and placed
in-service of qualified biogas property, under Section 48 of the
Inflation Reduction Act, generates Investment Tax Credits (ITCs)
that are expected to be equal to 40% of the project costs.
The ITCs are expected to be transferable when the IRS issues
guidance for the transfer forms.
Six dairy digesters, more than 40 miles of biogas
pipeline, the central biogas-to-RNG upgrading facility, and the
utility pipeline interconnection unit are now fully
operational. RNG is being injected into the utility gas
system and will be stored underground until Aemetis Biogas receives
carbon intensity (CI) pathway approvals from the California Air
Resources Board (CARB) for the sale of credits under the
LCFS.
The 90 days of RNG production and data collection
required for the CARB approval process has been completed. A
temporary CI pathway of -150 is expected to become available to use
while the final pathway is under review by CARB, allowing Aemetis
to begin revenues in Q3 2023 using the temporary pathway.
“The approval of the Aemetis Biogas for the
generation of D3 RINs is a major step towards full product
revenue,” said Andy Foster, President of Aemetis Biogas, Inc. “The
significant investments made by Aemetis since 2019 directly reduce
greenhouse gas pollution and improve local air quality in Central
Valley communities, while creating jobs. Aemetis continues to
rapidly deploy the infrastructure necessary to connect our network
of dairy digesters and increase the production of carbon negative
dairy renewable natural gas to replace petroleum diesel,” Foster
stated.
The dairy digesters, pipeline project and
biogas-to-RNG facility are funded in part by grants from the
California Department of Food and Agriculture and the California
Energy Commission. Last Fall, Aemetis announced the closing of its
first $25 million of long-term financing with Greater Commercial
Lending (GCL) supported by a US Department of Agriculture (USDA)
loan guarantee. The long-term, low interest rate, 20-year
project financing was guaranteed by the USDA using the REAP loan
program and carries a fixed interest rate for the first five
years.
Aemetis has filed or is preparing to file for an
additional $100 million of REAP loans to fund the 31 additional
dairies that are in engineering, permitting or already under
construction. The maximum loan amount is $25 million, so the
Aemetis loan applications are a series of $25 million loans, all
with 20-year repayment terms.
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 the Aemetis biogas project, 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.
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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