CUPERTINO, CA – March 22, 2018 – Aemetis, Inc. (NASDAQ: AMTX) announced today that the company achieved a major milestone by completing the key federal and state agency permitting and environmental approvals for construction of the cellulosic ethanol plant in Riverbank, California.
Aemetis has received its Finding of No Significant Impact (“FONSI”) under the National Environmental Policy Act (“NEPA”). This approval further confirms the previously received California Environmental Quality Act (“CEQA”) approval.
“Receiving both CEQA and FONSI approvals are the key permitting milestones for federal loan programs at this scale, including the pending $125 million USDA 9003 loan guarantee,” said Eric McAfee, Chairman and CEO of Aemetis.
After signing a 55 year lease agreement at the Riverbank site in February 2017, Aemetis began the process of obtaining CEQA approval, a requirement for any construction activities in California. We believe that approval under the strict CEQA environmental review process reflects positively on the environmental attributes of the Riverbank plant. Today, the agricultural waste used in the production process is burned, which contributes to pollution in one of the worst air quality districts in the country. The Aemetis project mitigates this burning by converting waste orchard wood and nut shells into clean, below zero carbon, renewable advanced cellulosic ethanol.
The federal FONSI approval was achieved after months of intense review of the environmental impacts of the cellulosic ethanol facility, including impacts on construction, noise, vehicle traffic, air quality, solid waste management, coastal resources, historic properties and historic preservation, biological resource, farmland protection, and water quality in addition to other environmental reviews. All of these environmental considerations were found to be either unaffected or minimally affected within strict parameters. The FONSI applied to both the construction and operations of the cellulosic ethanol facility.
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 60 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, the US and Europe. Aemetis operates a research and development laboratory, and 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 application and approval for federal loan programs, including the USDA 9003 loan guarantee, and the construction and operation of the cellulosic ethanol facility. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “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, 2016, 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.