The City Council in Riverbank, California unanimously approved a Use Permit to implement the City’s long-term plan for “Green Businesses” to reuse the former Army plant; City action includes CEQA approval allowing other agencies to issue permits
CUPERTINO, Calif. – September 13, 2023 – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, received a Use Permit from the City of Riverbank to build a 90 million gallon per year sustainable aviation fuel and renewable diesel plant at the 125-acre Riverbank Industrial Complex in Riverbank, California.
The Riverbank Industrial Complex, a former U.S. Army ammunition production plant, is now being converted to business and industrial use as part of the federal Base Realignment and Closure program. “For many years, we sought out a green company to lead us into the future and we found Aemetis,” stated Richard O’Brien, Mayor of the City of Riverbank. “Thank you to Aemetis for being the type of company that you are and for doing such a great job at the Riverbank site which has already created new local jobs in the green economy,” said Council member Darlene Barber-Martinez.
The City of Riverbank is the lead agency under the California Environmental Quality Act (CEQA) for Aemetis’ SAF/RD plant. The approval by the Riverbank City Council includes approval of the CEQA determinations that allow the remaining permits for the project to be issued. “Aemetis continues to complete major milestones in our Five-Year Plan,” said Eric McAfee, Chairman and CEO of Aemetis. “This Use Permit and CEQA approval for the Riverbank sustainable aviation fuel and renewable diesel plant is the result of years of engineering and environmental work with the City and several government agencies, allowing us to finalize additional key permits in the next few months.”
Aemetis has signed $3.8 billion of sustainable aviation fuel supply contracts with airlines, and a $3.2 billion renewable diesel supply contract with a national chain of travel stops. The 90-million-gallon per year production facility will include about $500 million of investment and create more than 800 jobs during construction, as well as an estimated 650 permanent direct and indirect jobs.
Renewable diesel used in transportation reduces particulate emissions by more than 90% compared to petroleum diesel and creates demand for agricultural feedstocks and waste byproducts to supply renewable fuel production facilities. Sustainable aviation fuel produced from waste feedstocks reduces carbon emissions by up to 80% compared to petroleum jet fuel, directly reducing the emission of greenhouse gases that contribute to climate change.
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 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 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 sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce 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 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 related to the construction, operation and expected revenues from the Riverbank sustainable aviation fuel and renewable diesel plant, our compliance with governmental programs, our ability to expand production capacity, our ability to attract government contracts, and our ability to access markets and funding to execute our 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, 2022 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.