Aemetis RNG Production Exceeds Plan by 20% During Q2 2023
27 Junho 2023 - 9:00AM
via NewMediaWire –
Aemetis, Inc. (NASDAQ: AMTX), a
renewable natural gas (RNG) and renewable fuels company focused on
negative carbon intensity products, announced today that its
Aemetis Biogas subsidiary is operating the Central Dairy Project
production facilities 24 hours per day, seven days per week, and
exceeded the RNG production plan by approximately 20% during Q2
2023.
“Production rates at our dairy digesters are notably higher than
our original projections,” stated Andy Foster, President of Aemetis
Biogas. “Our biogas pipeline, biogas-to-RNG production facility and
utility gas pipeline interconnection are running smoothly,
converting dairy biogas into valuable RNG delivered into the
PG&E natural gas pipeline system.”
“The June 21st announcement by the federal EPA of the Renewable
Volume Obligation for years 2023, 2024 and 2025 significantly
increased the mandate for the D3 Renewable Identification Numbers
(RINs) generated by RNG,” said Eric McAfee, Chairman and CEO of
Aemetis, Inc. “Each MMBtu of dairy RNG generates 11.7 D3 RINs
and the Aemetis Five Year Plan expects 1 million MMBtu in year
2025. The price of D3 RINs has already increased about 30% to
$2.85 since the RVO was announced last week.”
In 2016, Governor Newsom signed into law Senate Bill 1383,
limiting the emission of methane from dairy lagoons in California,
which includes approximately 1.7 million dairy cows at more than
1,000 dairies. Aemetis Biogas was formed as a subsidiary of
Aemetis, Inc. in 2018 to build a network of assets to capture
methane from dairy lagoons, focused on the 80 dairies that are
existing feed customers of the Aemetis ethanol plant and other
local dairies that supply milk for cheese production and other
products.
In January 2023, Aemetis Biogas completed and commissioned
several digesters, a 40-mile biogas pipeline, a central
biogas-to-RNG production facility and a PG&E gas pipeline
interconnection unit. Currently, 37 dairy digesters are under
development or under construction, and seven dairy digesters are
fully operational.
Funding for Aemetis Biogas includes $30 million of financing
from Third Eye Capital (Toronto, Canada); $23 million of grants
from the California Department of Food & Ag and the CPUC grant
program through PG&E; and planned funding of $100 million
during 2022 and 2023 of 20-year, USDA-guaranteed loans under the
Renewable Energy for America Program (REAP) as a part of ongoing
annual funding of approximately $100 million per year from the REAP
program during the buildout of 65 dairies in the next four
years.
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, construction and operation
of the Aemetis Biogas production facilities, 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.
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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