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Aemetis, Inc. (NASDAQ: AMTX), headquartered in Cupertino, California, is a leading renewable natural gas and renewable fuels company dedicated to the development and commercialization of innovative technologies that aim to replace traditional petroleum-based products. Established in 2006, Aemetis has grown to become a significant player in the renewable energy sector, focusing on the conversion of first-generation ethanol and biodiesel plants into advanced biorefineries.
The company owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto. This plant produces low carbon renewable fuel ethanol, Wet Distillers Grains, Distillers Corn Oil, and Condensed Distillers Solubles, all sold to local dairies and feedlots as animal feed. Additionally, Aemetis operates a 60 million gallon per year production facility on the East Coast of India, producing high-quality distilled biodiesel and refined glycerin for customers in India, the US, and Europe.
Aemetis is also spearheading the development of the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California. These facilities will utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. The company's biogas operations include a network of dairy biomethane digesters in California’s Central Valley, producing renewable natural gas (RNG) from dairy waste methane.
In recent developments, Aemetis has secured $200 million in EB-5 program investment for its Riverbank sustainable aviation fuel plant, dairy RNG project, carbon sequestration project, and energy efficiency upgrades to the Keyes ethanol plant. The company has also received Authority to Construct permits for its Riverbank SAF/RD plant, expected to produce up to 78 million gallons per year of SAF. Furthermore, Aemetis has been awarded $10.5 million of Inflation Reduction Act (IRA) tax credits to support energy efficiency projects at the Keyes facility.
Financially, Aemetis continues to show robust growth. In the latest earnings report, the company generated $186.7 million in total revenue for the year 2023, with significant increases from its India Biodiesel segment. Aemetis is on track to achieve its ambitious Five-Year Plan, projecting $1.95 billion in revenues and $645 million of adjusted EBITDA by 2028.
Aemetis (NASDAQ: AMTX) announced that its Universal Biofuels subsidiary in India secured a contract to supply 8.5 million gallons of biodiesel over three months to three government-controlled oil marketing companies (OMCs). This contract is expected to yield approximately $34 million in revenue, part of the $538 million total tender offers from OMCs for biodiesel in Q2 2023. The biodiesel plant, located near the Port of Kakinada, is capable of producing 50 million gallons of biodiesel annually, contributing to India's goal of adopting a 5% minimum blend by 2030.
The demand for biodiesel is rising due to the Indian government's commitment to its 2022 National Biofuels Policy, aimed at reducing air pollution and enhancing economic growth through local biodiesel production.
Aemetis, Inc. (NASDAQ: AMTX), a leader in renewable natural gas and biofuels, announced that its Founder and CEO, Eric McAfee, received the 2023 Global Bioeconomy Leadership Award from Biofuels Digest. The award honors McAfee's contributions to innovation in the bioeconomy sector. The ceremony will take place on March 24, 2023, at the Advanced Biofuels Leadership Conference. Aemetis aims to transform renewable energy, producing low-carbon fuels for transportation while significantly reducing greenhouse gas emissions. The company operates facilities in California and India, with plans to develop sustainable aviation fuel and renewable diesel biorefineries.
Aemetis, Inc. (NASDAQ: AMTX) reported a 21% revenue increase, reaching $257 million for 2022 compared to $212 million in 2021, driven by higher ethanol feed co-product prices and demand from Indian oil companies.
The fourth quarter saw revenues of $66.7 million, with a gross loss of $1.1 million, contrasting with a gross profit of $12.7 million a year prior. Net loss for the year was $107.8 million, up from $47.1 million in 2021. Key achievements included completing several biogas projects and securing credit facilities totaling $125 million for further developments. Capital expenditures for carbon intensity projects were $49.5 million.
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