Aemetis Awarded the First CO2 Sequestration Characterization Well Permit Issued by the State of California
18 Julho 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 its Aemetis Carbon Capture
subsidiary has been awarded the first CO2 sequestration
characterization well permit issued by the State of California.
All of the necessary city, county, regional and state agency
permits have been received to drill the CO2 sequestration
characterization well on the 24-acre Riverbank site that was
acquired by Aemetis in 2022. A high capacity access road and
operational pad for the deep well drilling rig and related
equipment has already been completed.
The characterization well is designed to be drilled to a depth
of about 8,000 feet in order to obtain the soil composition data
required for the issuance of a final EPA Class VI Carbon Capture
and Sequestration (CCS) well permit. The CCS injection well is
expected to sequester about 1.4 million metric tonnes per year of
CO2, with approximately 200,000 metric tonnes of CO2 per year
produced by the Aemetis sustainable aviation fuel and renewable
diesel plant under development on an adjacent parcel of the
125-acre Riverbank site.
“The Aemetis project has achieved a significant milestone as the
first fully permitted CO2 sequestration characterization well in
California, requiring the cooperation of many state, regional and
local agencies,” stated Brian Fojtasek of ATSI, the Project Manager
for the Aemetis Carbon Capture CCS project at Riverbank.
“Over a twenty-year period, the Riverbank CO2 sequestration project
is expected to inject and sequester about 28 million metric tonnes
of CO2 captured in saline formations deep underground and protected
by multiple layers of caprock.”
“We would like to express appreciation to the White House and
the federal EPA in Washington DC and San Francisco for their strong
support of the Aemetis project and willingness to work proactively
with California agencies to review the project and issue the
various permits required to drill the Riverbank CO2
characterization well,” stated Eric McAfee, Chairman and CEO of
Aemetis, Inc. “Brian is a former Exxon refining engineer and has
commissioned a $10 billion refinery and a $4 billion refinery as
project manager. Working together for the past five years on a
variety of projects, the Aemetis and ATSI team has demonstrated an
ability to timely execute on one of the most complex parts of a CCS
project – well drilling permits.”
Governor Newsom stated in a letter to the California Air
Resources Board (CARB) on July 22, 2022: “Simply put, it will not
be possible to eliminate all emissions across our economy, so
achieving carbon neutrality will rely on carbon sequestration…I
request that CARB set a 20 million metric tonne carbon removal
target for 2030 and 100 million metric tonne carbon removal target
for 2045.”
The Aemetis project at the Riverbank site is designed to
contribute to carbon removal in California. According to CARB,
California’s greenhouse gas emissions were 369 million metric
tonnes in 2020.
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 Carbon Capture 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
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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