U.S. Patent Awarded and Exclusively Licensed to Aemetis Enabling Launch of “Carbon Zero” Production Plants

Hybrid Electric Vehicles to be Supplied with Below Zero Carbon Intensity Biofuel

CUPERTINO, CA – January 15, 2021 – Aemetis, Inc. (NASDAQ: AMTX) announced today that its exclusively licensed technology for the production of below zero carbon renewable fuel was awarded U.S. Patent No. 10907184 (to be published February 2, 2021), enabling the launch of Aemetis “Carbon Zero” production plants to commercialize the technology.  Using patented technology exclusive to Aemetis for agricultural waste wood feedstock, the Carbon Zero plants are integrated with existing Aemetis production facilities to produce energy dense renewable fuels using renewable energy and below zero carbon intensity waste feedstocks.

The Aemetis Carbon Zero production plants are designed to convert below zero carbon feedstocks (waste wood and ag wastes) and renewable energy (solar, renewable natural gas, biogas) into energy dense liquid renewable fuels.  Aemetis expects that such renewable fuels, when used in hybrid electric vehicles or other vehicle engines, will have a “below zero carbon” greenhouse gas footprint across the entire lifecycle of the fuel based on the Argonne National Laboratory’s GREET model, the pre-eminent science-based lifecycle analysis measurement tool.

“We are naming these projects ‘Carbon Zero’ to reflect our mission to reduce greenhouse gases.  Wood is partially comprised of carbon dioxide (CO2) from the air.  Agricultural waste wood has a below zero carbon intensity as a fuel by avoiding greenhouse gas emissions, since waste wood is usually burned in the field or breaks down into harmful methane emissions,” stated Eric McAfee, Chairman and CEO of Aemetis.

“By combining below zero carbon waste wood with zero carbon renewable energy obtained from solar, hydroelectric and biogas sources, Aemetis is transforming these sources of renewable energy into zero carbon renewable fuels that work with existing engines, as well as range extender generators used in electric cars or trucks as long-haul and local delivery vehicles adopt electric drivetrains to improve emissions, fuel efficiency and performance,” McAfee noted.

The first Aemetis Carbon Zero production plant — “Carbon Zero 1” — is planned for the 140-acre Riverbank Industrial Complex in Central California, a former Army ammunition production facility with 710,000 square feet of existing production buildings.

The Carbon Zero 1 plant will extract sugars from waste wood and then process the sugar into renewable fuel at the existing nearby Aemetis 65 million gallon per year plant near Modesto, California.  This process is expected to reduce the amount of corn used in biofuel production, provide a 90% reduction in feedstock cost, and significantly increase the value of the biofuel by significantly reducing its carbon intensity.  After an initial production demonstration phase, the Carbon Zero 1 plant is expected to ramp up capacity to produce 10% of the sugar feedstock used in the existing Aemetis 65 million gallon per year biofuel plant, with additional expansion in future phases.

The Carbon Zero 1 project and energy efficiency upgrades to the Aemetis plant include funding and other support from the USDA, the US Forest Service, the California Energy Commission, the California Department of Food and Agriculture, and PG&E.

 

About Aemetis

Aemetis has a mission to transform renewable energy into below zero carbon transportation fuels. The next generation of renewable fuels can achieve below zero carbon emissions by addressing the market need of reducing greenhouse gas emissions with sustainable alternatives. Aemetis uses low-carbon renewable resource-based carbohydrates as raw materials and is developing renewable electricity and renewable natural gas for use in transportation and production processes.  Aemetis low-carbon fuels have substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their lifecycle).

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 traditional petroleum-based products.  Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG).  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 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 the Carbon Zero 1 plant in California to convert waste orchard wood into sugars that will be processed into biofuels at the Keyes plant, as well as cellulosic ethanol and renewable hydrogen in expansion phases.  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 our ability to commercialize and scale the licensed patented technology, the ability to obtain sufficiently low Carbon Intensity score to achieve below zero transportation fuel, the development of the Aemetis Biogas Central California Dairy Project, and the ability to access the funding required to execute on the plant construction and operations.  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 the Aemetis 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.

Aemetis Enters Electric Vehicle Market through Stake in Zero Emission Heavy Duty Truck Producer Nevo Motors

Nevo Motors Plans to Launch Patented Range Extender Engines Designed to Meet Low and Zero Emissions Vehicle (ZEV) Standards

CUPERTINO, CA – December 22, 2020 – Aemetis, Inc. (NASDAQ: AMTX) announced today that its Aemetis Properties Riverbank, Inc. subsidiary acquired approximately 20% ownership of Nevo Motors, Inc. under a Strategic Electric Vehicle Production Facilities Agreement that will utilize current and future Aemetis manufacturing facilities and fueling stations, as well as renewable natural gas and renewable electricity produced by Aemetis.  “Nevo”, which stands for “New Electric Vehicle Optimization”, is a stealth mode company with its product launch planned for Q1 2021.

“Aemetis is excited to become a significant shareholder of Nevo Motors just prior to the launch of the Nevo truck product lines planned in 2021,” stated Eric McAfee, Chairman and CEO of Aemetis.  “This strategic agreement utilizes the production buildings, onsite railroad, renewable electricity substation and other facilities at the140-acre, 710,000 square foot Aemetis Riverbank, California manufacturing facility, as well as other Aemetis infrastructure, renewable energy products, and expertise in renewable fuel credits and markets.”

High Capacity Electric Vehicles (HCEV’s) from Nevo Motors are designed for heavy cargo and long range by using on-board range extender generators powered by renewable natural gas (“RNG”), with future electric truck models designed to use patented hydrogen and ethanol range extenders.  The goal is to achieve major reductions in operating and maintenance costs while eliminating carbon and pollution emissions in highway cargo transport by meeting Zero Emission Vehicle (“ZEV”) standards.

“Nevo Motors plans to replace diesel engines in the $90 billion per year trucking industry with hybrid electric systems that combine electric drivetrains, batteries and patented range extender generators,” stated Michael Peterson, CEO of Nevo Motors.  “Long haul and other diesel trucks can be powered by low carbon, lower cost, domestically produced renewable natural gas and biofuels that expand local investment and jobs instead of continuing to export investment capital to other countries to purchase imported petroleum.”

The first trucks in the Nevo product line of electric heavy duty trucks with range extender generators for long haul and local transportation markets are scheduled for production in 2021.

Aemetis produces below zero carbon intensity RNG with plans to grow from two dairies to as many as 50 dairies in the Aemetis Biogas Central Dairy Digester Cluster and other California dairy digester and pipeline projects.

“By far, the highest and best use of renewable natural gas is to displace diesel in transportation, which means that Aemetis RNG can be used to power long haul and delivery trucks to maximize the financial results of our RNG projects,” stated McAfee.  “RNG can directly fuel natural gas vehicles or convert RNG to electricity which can charge the batteries in electric trucks.  Aemetis currently produces renewable ethanol which can be utilized by hybrid ZEV’s, creating additional value for Aemetis by selling ethanol directly to truck fleets and truck stops without blending into gasoline.”

Funded with more than $200 million of equity and credit facilities, Aemetis has completed Phase 1 and is now in Phase II of construction for production of below zero carbon renewable natural gas from 17-dairy Aemetis Biogas Central Dairy Digester Cluster.

 

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 traditional petroleum-based products.  Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG).  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 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 a plant in California to convert waste orchard wood into cellulosic ethanol and renewable hydrogen.  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.

 

About Nevo Motors

Headquartered in Cupertino, California, Nevo Motors is commercializing patented range extender generator technology that retains the high torque, fuel efficiency, and durability benefits currently associated with diesel engines, yet eliminates the need for Selective Catalytic Reduction (SCR) and Diesel Emission Fluid (DEF).  By replacing high-carbon, petroleum-based diesel fuel with 100% low-carbon, renewable fuels, Nevo Motors plans to significantly reduce CO2 and particulate-matter emissions to meet Zero Emission Vehicle (ZEV) standards.

Nevo Motors was originally founded in 2009 as a large-scale solar developer project company named Solargen Holdings, Inc., whose parent company raised two rounds of institutional funding from international and domestic investors.  Solargen completed the project development of a 399-megawatt solar project in California that was acquired and is being built out by a major utility.  Nevo Motors has been in stealth mode during product development and plans to publicly launch in Q1 2021.  For additional information about Nevo Motors, please visit www.nevomotors.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 our ability to develop and market hybrid electric vehicles, the ability of our component manufacturers to deliver products, the production of vehicles by competitors that may be better funded and have products that are more fully developed, the development of the Aemetis Biogas Central California Dairy Project, and the ability to access the funding required to execute on our hybrid electric vehicle business plans.  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 the Aemetis 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.

Aemetis Signs Distributor Agreement for Health Safety Products and Receives $24 Million Initial Purchase Order

CUPERTINO, CA – November 23, 2020 – Aemetis, Inc. (NASDAQ: AMTX) announced today that its wholly-owned subsidiary, Aemetis Health Products, Inc., received a $24 million initial purchase order after signing a supply agreement for sanitizer alcohol and nitrile gloves with a California distributor that provides health safety products to the state of California as well as other governmental entities and large hospital chains throughout the U.S.

“Aemetis Health Products became what we believe to be the largest production plant for sanitizer alcohol in the Western U.S. during the second quarter of 2020.  We are now executing on our plan to produce and market alcohol-based health safety products including hand sanitizer, sanitizer wipes and aerosol sanitizers under the Aemetis and private label brand names,” said Eric McAfee, Chairman and CEO of Aemetis.  “Our government and healthcare customers have repeatedly requested that Aemetis extend our product line to include the supply of nitrile gloves.  With more than a decade of extensive business experience in Asian markets, we believe Aemetis is well positioned to be a trusted partner of health safety product manufacturers in that region, as well as other international markets.”

To support the supply agreement and enable the expansion of the Aemetis Health Products business, Aemetis has negotiated the general terms of a new credit facility with its existing lender, which will be used solely for our health safety product transactions.

 

About Aemetis

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 sales of high grade alcohol, sales of nitrile gloves under the initial purchase order, our ability to develop a retail presence, the ability of our source manufacturers to deliver nitrile gloves, the credit worthiness of our health safety product distributor, the production of alcohol by competitors in the Western United States and the ability to access funding to execute our sanitizer and health safety product 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.

Aemetis Biogas Awarded $7.8 Million in CDFA Grants for Phase 2 RNG Dairy Digester Project

CUPERTINO, CA – November 20, 2020 – Aemetis, Inc. (NASDAQ: AMTX) announced today that its wholly-owned subsidiary, Aemetis Biogas LLC, has been awarded $7.8 million in matching grants through the 2020 California Department of Food and Agriculture (CDFA) Dairy Digester Research and Development Program (DDRDP).  Aemetis Biogas was awarded approximately 50% of the total projects awarded in the 2020 DDRDP grant cycle.  The DDRDP provides financial assistance for the installation of dairy digesters in California, which will result in reduced greenhouse gas emissions through the production of renewable natural gas (RNG) for transportation fuel.  Aemetis was previously awarded $3.1 million through the 2018 DDRDP grant cycle, and successfully completed two digesters and four miles of private pipeline as phase one of its 18 dairy digester cluster.

“We’re grateful to the CDFA for their strong demonstration of confidence in our 18 dairy RNG dairy digester project,” said Eric McAfee, Chairman and CEO of Aemetis. “After completing phase one of our project in just over one year, we’re poised to quickly accelerate the construction and operation of 16 additional digesters and 25 miles of private pipeline by mid-2022.  The combined project will annually displace approximately 6.9 million gallons of petroleum-based diesel fuel, eliminate approximately 2.6 million metric tons of CO2 equivalents, and create over 100 project related jobs in California’s Central Valley,” added McAfee.

In December 2020, Aemetis will begin construction of its biogas upgrading facility that will allow the company to inject RNG into PG&E’s natural gas pipeline by the end of the first quarter of 2021.  The company expects to offer truck fleet fueling of R-CNG at the Aemetis Advanced Fuels Keyes ethanol biorefinery in the second quarter of 2021.  For more information about the CDFA DDRDP, go to https://www.cdfa.ca.gov/oefi/ddrdp/ .

 

About Aemetis

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.

Aemetis, Inc. Reports Third Quarter 2020 Financial Results

Download complete the earnings report

CUPERTINO, Calif. – November 12, 2020 – Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company innovating the reduction of carbon intensity, today announced its financial results for the three and nine months ended September 30, 2020.

Aemetis’ third quarter of 2020 included significant announcements and financial achievements:

  • Ethanol and high-grade alcohol gallons sold increased 11% to 15.2 million gallons compared to the second quarter of 2020
  • Biodiesel metric tons sold increased 216% compared to the second quarter of 2020
  • Revenues were $40.9 million during the third quarter
  • Net Loss was $12.2 million ($0.59 per share)

“In the third quarter, the Aemetis Biogas team achieved several significant milestones by completing the first phase of our dairy digester cluster project, including the commissioning of a four mile Aemetis-owned pipeline and two dairy digesters that are now producing below zero carbon intensity biogas,” said Eric McAfee, Chairman & CEO of Aemetis, Inc.  “The biogas team is working to rapidly build 16 additional dairy digesters under 25 year contracts, a centralized gas clean up unit, and about 26 more miles of pipeline in the Aemetis dairy digester cluster, which is expected to be fully completed within about 18 months.  In 2021, Aemetis will be able to inject dairy renewable natural gas into the common carrier pipeline and utilize an onsite renewable compressed natural gas fueling station,” McAfee added.

Demand for high grade alcohol for sanitizer production and shipments of bulk alcohol to sanitizer alcohol customers launched strongly in the second quarter of 2020 at the onset of the COVID-19 pandemic, but then softened during the third quarter of 2020 due to inferior product from overseas and customer resulting demand for United States Pharmacopeia grade alcohol.  Responding to this continued market demand for high-quality sanitizer and health products, Aemetis expanded its sustainable advantage as the largest West Coast producer of high grade alcohol for sanitizer and health products by launching Aemetis Health Products.  This new subsidiary extended the business into the production and distribution of branded and private label blended liquid and gel sanitizer and other health safety products.

“After obtaining the Food and Drug Administration National Drug Code for sanitizer products, Aemetis Health Products began production during the third quarter to expand product offerings into key markets for hand sanitizers, personal care and cleaning products.  Sales of the new sanitizer products are planned to be supported by production of United States Pharmacopeia medical grade alcohol beginning in the first half of 2021,” said McAfee.

To reduce the carbon intensity of our products, Aemetis commenced project development for two significant ethanol plant energy upgrade projects, including a large solar microgrid that is expected to produce approximately 1.5MW of renewable energy at the Keyes plant, and a mechanical vapor recompression (MVR) upgrade that, when combined with the solar project, is engineered to reduce the plant’s natural gas steam usage by approximately 85%.  The combined solar and MVR projects were awarded $14 million of grants from the California Energy Commission in 2020, with construction expected to commence in the second half of 2021.

Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

Live Participant Dial In (Toll Free): +1-844-407-9500
Live Participant Dial In (International): +1-862-298-0850

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/38376

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

 

Financial Results for the Three Months Ended September 30, 2020

Revenues were $40.9 million for the third quarter of 2020 compared to $57.4 million for the third quarter of 2019, driven by the reduction in the price of ethanol and delays in the India government oil marketing companies biodiesel bidding process.

Gross profit for the third quarter of 2020 was $771 thousand, compared to a gross profit of $4.0 million during the third quarter of 2019.

Selling, general and administrative expenses remained flat at $4.6 million during the third quarter of 2020, compared to $4.5 million during the third quarter of 2019.

Operating loss increased to $3.8 million for the third quarter of 2020, compared to an operating loss of $0.6 million for the third quarter of 2019.

Interest expense during the third quarter of 2020 was $6.5 million, excluding accretion in connection with Series A preferred units in the Aemetis Biogas LLC subsidiary, compared to $6.3 million during the third quarter of 2019.  The Aemetis Biogas LLC subsidiary recognized $1.8 million of accretion in connection with preference payments on its preferred stock units compared to $0.6 during the third quarter of 2019.

Net loss was $12.2 million for the third quarter of 2020, compared to a net loss of $7.2 million for the third quarter of 2019.

Adjusted EBITDA was negative $2.5 million for the three months ended September 30, 2020.

Cash at the end of the third quarter of 2020 was $79 thousand, compared to $656 thousand at the end of 2019.

Financial Results for the Nine Months Ended September 30, 2020

Revenues were $128.2 million for the first three quarters of 2020, compared to $149.9 million for the first three quarters of 2019.

Selling, general and administrative expenses were $12.5 million during the first three quarters of 2020, compared to $12.7 million during the first three quarters of 2019.

Operating income was $1.7 million for the first three quarters of 2020, compared to an operating loss of $6.0 million for the first three quarters of 2019.

Interest expense was $19.5 million during the first three quarters of 2020, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, compared to interest expense of $19.1 million during the first three quarters of 2019.  Additionally, the Aemetis Biogas LLC subsidiary recognized $4.1 million of accretion in connection with preference payments on its preferred stock during the first three quarters of 2020.

 

 

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced, renewable fuels 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 high grade cellulosic alcohol.  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.

 

NON-GAAP FINANCIAL INFORMATION

We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest expense, loss on extinguishment, income tax expense, intangible and other amortization expense, accretion expense, depreciation expense, loss contingency on litigation and share-based compensation expense.

Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes.  EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies.

 

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, expectations for growth in India and development of our cellulosic ethanol business in North America.  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, demand for high grade alcohol and related products, including hand sanitizers, 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, 2019, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 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.

Aemetis to Review Third Quarter Financial Results on November 12, 2020

CUPERTINO, CA – Friday, November 6, 2020 – Aemetis, Inc. (NASDAQ: AMTX) announced that the company will host a conference call to review the release of its third quarter 2020 earnings report:

Date:   Thursday, November 12, 2020

Time:   11 am Pacific Standard Time (PST)

Live Participant Dial In (Toll Free): +1-844-407-9500

Live Participant Dial In (International): +1-862-298-0850

Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/38376

Attendees may submit questions during the Q&A portion of the conference call.

After November 19th, the webcast will be available on the Company’s website (www.aemetis.com) under Investors/Conference Calls. The voice recording will also be available through November 19, 2020 by dialing (Toll Free) 877-481-4010 or (International) 919-882-2331 and entering conference ID number 38376.

 

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels 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.

 

Aemetis Begins Production of Below Zero Carbon Intensity Dairy Biogas

First Two Dairies and Private Pipeline Operating; Below Zero Carbon Intensity Gas Now Producing Transportation Fuel

CUPERTINO, CA – October 23, 2020 – 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.

 

About Aemetis

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.

Aemetis Starts Production of Branded High-Grade Alcohol Sanitizer Products

Aemetis Health Products Brand to be Sold on Amazon and Through Retail Chains

CUPERTINO, Calif. – September 21, 2020 – Aemetis, Inc. (NASDAQ: AMTX) (“Aemetis”), an advanced renewable fuels and biochemicals company, today announced commencement of contracted production of hand sanitizer under its branded Aemetis Health Products label for sales to government, businesses and academic customers, as well as directly to consumers via the Amazon Marketplace.

“Following through on our plan to address the ongoing demand for sanitizer products and having received FDA label registration and other approvals, we have commenced contracted production of sanitizer products under our Aemetis Health Products subsidiary brand name,” said Eric McAfee, Chairman and CEO of Aemetis, Inc.  “Aemetis’ 65 million gallon per year alcohol plant in California is the only large-scale producer of hand sanitizer alcohol in the Western U.S., with other alcohol-based sanitizer products requiring thousands of miles of transport to the West Coast from the Midwest or Asia in order to supply West Coast consumers with alcohol sanitizer products.”

“A primary initial sales focus for our branded Aemetis Health Products is California and other Western States, as well as the U.S. government,” added McAfee.  “Our products meet FDA requirements, and protect consumers from harmful chemicals often found in imported sanitizer products.  Our top priority is providing safe, tested products for consumers, and also providing jobs for American workers.  Consumers should not have to worry about toxic ingredients or mislabeling from foreign producers, and at a time of economic distress for many industries, jobs should not be outsourced to other countries by using taxpayer funds to purchase foreign products instead of high quality, low cost, domestically produced products.”

Aemetis hand sanitizer contains 70% alcohol (gel) or 80% alcohol (liquid) as the active ingredient, along with water and glycerin.  Some other hand sanitizer products contain as little as 60% alcohol.  Aemetis built and operates a large pharma-grade glycerin plant in India that has the capacity to produce the required amount of refined glycerin for approximately 350 million gallons per year of hand sanitizer.

 

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels 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 high grade cellulosic alcohol.  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 sales of the high grade alcohol production facility,  ability to develop a retail presence, ability of the contract manufacturers to produce alcohol sanitizer at scale, the production of alcohol by competitors in the Western United States, the and the ability to access markets and funding to execute our hand sanitizer business plan.  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, 2019, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 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.

Aemetis, Inc. Closes $35.5 Million Phase I EB-5 Program

71 Investors Received Conditional Permanent Residency by Creating Jobs in Central California

CUPERTINO, Calif. – September 4, 2020 – Aemetis, Inc. (NASDAQ: AMTX) (“Aemetis”), an advanced renewable fuels and biochemicals company, today announced the closing of its $35.5 million Phase I EB-5 Program, which was funded by 71 foreign investors.

The EB-5 Program is a U.S. Government program authorized by the Immigration and Naturalization Act designed to provide employment-based visa preferences for immigrant investors who deploy capital into U.S.-based projects that provide jobs for American workers.  Aemetis closed its Phase I EB-5 Program with the issuance of 71 subordinated convertible promissory notes, raising $35.5 million of low interest investment funds used to create both direct and indirect jobs at its high grade alcohol and fuel ethanol plant in Keyes, California.

“The Aemetis plant EB-5 project is an excellent example of sound immigration policy that generated $35.5 million of new investment to create high quality manufacturing jobs in the Central Valley of California,” stated Eric McAfee, Chairman and CEO of Aemetis, Inc.  “100% of the investors in our Phase I EB-5 funding have been fully vetted by the U.S. Department of Homeland Security and granted approval to receive conditional permanent residency, which could allow them become citizens after completing the remaining steps in the EB-5 process.”

On November 21, 2019, the EB-5 Program minimum investment increased from $500,000 to $900,000 per investor.  Aemetis has launched the Phase II EB-5 offering with plans to issue $50.0 million in additional EB-5 notes, and received an approved Project Exemplar from the United States Citizenship and Immigration Services, demonstrating that about 2,000 jobs are expected to be created by Aemetis, allowing 200 investors the opportunity to participate the offering (10 jobs per investor).

Eight investors in the Phase II EB-5 offering have received National Interest Expedite (“NIE”) approval, which is granted to EB-5 projects that have strategic importance to the United States.  The NIE approval allows investors to benefit from an approximately three-month application review process instead of the regular multi-year review process.

The Phase I EB-5 offering provided Aemetis with a 3% interest rate, subordinated funding instrument that matures four years from the date of funding, while providing automatic extensions for one year periods beyond the original note term while investor immigration approvals are pending.  $35.0 million of the Phase I EB-5 offering proceeds were received during prior quarters and used to repay Third Eye Capital senior debt bridge funding.

 

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels 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 high grade cellulosic alcohol.  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, our ability to sell additional notes under our EB-5 note program and our ability to create the expected number of new jobs in connection with the use of proceeds from our EB-5 Program.  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, 2019, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 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.

Aemetis Receives FDA National Drug Code for OTC Sanitizer Products

Hand Sanitizer and Other Sanitizer Products to be Produced for Consumer Markets and to Fight COVID-19 Pandemic

CUPERTINO, Calif. – September 1, 2020 – Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company that is a producer of high grade sanitizer alcohol, today announced that the Food & Drug Administration (FDA) has issued a National Drug Code (NDC) to Aemetis for the production and marketing of Over The Counter (OTC) sanitizer products.

“This FDA registration is an important step for Aemetis in the production and distribution of blended and packaged sanitizer alcohol products by our wholly-owned subsidiary, Aemetis Health Products,” stated Eric McAfee, Chairman and CEO of Aemetis, Inc.  “Aemetis is in a unique position as the only large-scale producer of high grade sanitizer alcohol in the Western United States, and we plan to address the ongoing demand for hand sanitizer, alcohol wipes, and other sanitizer products under the Aemetis Health Products brand and on a private label basis.”

 

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels 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 high grade cellulosic alcohol.  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, expectations for growth in India and development of our cellulosic ethanol business in North America.  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, demand for high grade alcohol and related products, including hand sanitizers, 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, 2019, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 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.