First Two Dairies and Private Pipeline Operating; Below Zero Carbon Intensity Gas Now Producing Transportation Fuel
CUPERTINO, CA, Oct. 23, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ: AMTX) announced today that it is producing dairy biogas from the first two dairies in a 17 dairy digester biogas project. The below-zero carbon intensity gas is initially being utilized for the production of fuel ethanol at the Aemetis Advanced Fuels Keyes facility in Keyes, California. Aemetis also produces high-grade sanitizer alcohol and various feed products at its Keyes facility.
“In just over one year, Aemetis Biogas has built and commissioned two dairy digesters and four miles of private pipeline that is now producing below-zero carbon intensity biogas used in the production of transportation fuel,” said Eric McAfee, Chairman and CEO of Aemetis. “We are pleased with the rapid scale-up of our dairy methane to renewable natural gas (RNG) project and rapid progress toward producing large volumes of RNG for transportation fuel. With the addition of 15 more dairy digesters, gas upgrading, utility interconnection, and dispensing RNG to truck fleets, Aemetis is well positioned to capitalize on the large below-zero carbon transportation market,” added McAfee. “This project provides value to local dairies by creating a new revenue stream while meeting new California requirements for a significant reduction in methane emissions from dairies.”
In December 2020, the Company plans to begin construction of a gas upgrading system that will convert dairy biogas to renewable natural gas for injection into the PG&E pipeline or utilization as Renewable CNG at the company’s onsite renewable compressed natural gas (R-CNG) fueling station. During 2021, the company plans to continue development of the next fifteen dairy digesters and related pipeline in the 17 dairy digester RNG cluster located near the Aemetis Keyes plant. The project funding plan has no debt and more than $65 million of preferred equity investment and grants.
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is building a biogas anaerobic digester network and pipeline to convert dairy animal waste gas to Renewable Natural Gas (RNG) and is developing a plant to convert waste orchard wood into cellulosic ethanol. Aemetis holds a portfolio of patents and related technology licenses for the production of 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 our 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 construction and operation of the dairy digester and pipeline project in Central California, and the ability to access markets and funding to execute our biogas business plan. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue”, “enable” 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 (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2019, 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.