Aemetis Receives Authority to Construct Air Permits for Riverbank Sustainable Aviation Fuel Plant
CUPERTINO, CA, March 05, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced receipt of the Authority to Construct (ATC) air permits for its planned sustainable aviation fuel (SAF) and renewable diesel (RD) production plant in Riverbank, California. The plant is designed to produce 90 million gallons per year when allocating 50% to SAF and 50% to renewable diesel production, and 78 million gallons per year when allocating 100% of production to SAF for the aviation market.
The Authority to Construct permits were issued by the San Joaquin Valley Air Pollution Control District following an extensive technical review and two public comment periods. In September 2023, Aemetis received approval from the City of Riverbank for the Use Permit and California Environmental Quality Act (CEQA) review after a separate technical review and public comment process. Together, these permits are the key permits needed for Aemetis to proceed with engineering and financing to construct the plant.
“Building our sustainable aviation fuel business is a high priority to meet rapidly increasing global demand for SAF from airlines,” said Eric McAfee, Chairman and CEO of Aemetis. “Achieving this essential permitting milestone is a critical step in advancing the project to financing, procurement, and construction. Reflecting the positive environment for replacing petroleum jet fuel with SAF, the $380 billion Inflation Reduction Act includes specific SAF tax credits to support this type of project, and the USDA has provided financing support for other Aemetis renewable fuels projects to enable attractive 20-year guaranteed funding from lenders,” added McAfee.
“The issuance of the ATC permits for the Aemetis SAF/RD plant is a significant milestone in the development of the Riverbank Industrial Complex that will help reduce emissions and create hundreds of high value local and regional jobs,” stated Richard O’Brien, Mayor of the City of Riverbank. “As the lead agency for the CEQA and Use Permit that was issued last September, the City of Riverbank is pleased to see support from other regional and state agencies to move this project forward. This Aemetis project will invest hundreds of millions of dollars into the local economy, which will benefit the citizens of Riverbank as well as workers and businesses throughout the region. In addition, this project will enhance the air quality in the Central Valley and reduce greenhouse gases,” said O’Brien.
The 125-acre Riverbank Industrial Complex has 100% renewable hydroelectricity; a rail line and storage for 120 railcars; 710,000 square feet of buildings; and 50 acres of developable industrial land. An agreement for the lease/sale of the Riverbank Industrial Complex to a subsidiary of Aemetis was signed in December 2021.
The Aemetis Five Year Plan projects that the Aemetis sustainable aviation fuel and renewable diesel plant will generate $672 million of revenues with $195 million of adjusted EBITDA in 2027.
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 operating and actively 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 owns and 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 and Europe. Aemetis is developing the sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery in California to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. 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 include, without limitation, projections of financial results in 2024 and future years; statements relating to the development, engineering, financing, construction, and operation of the Aemetis SAF and renewable diesel 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 Reports on Form 10-K, and in our other 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:
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PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
