CUPERTINO, CA – March 14, 2018 – Aemetis, Inc. (NASDAQ: AMTX) announced today that its subsidiary, Aemetis Advanced Products Keyes, Inc., has received third party validation from Leidos Engineering of ethanol and protein yields produced from the sccessful operation of its Integrated Demonstration Unit (IDU) at InEnTec’s Technology Center in Richland, Washington. Aemetis continuously operated its gas fermentation process for over 120 days, meeting the requirements for a USDA 9003 Biorefinery Assistance Program guaranteed loan. The IDU proved out a yield of 77 gallons of cellulosic ethanol per ton of biomass, closely matching yields predicted by Leidos engineering models developed from over 20 separate technology deployments. Using adjusted engineering models and subsequent results from the IDU, Leidos engineers expect the yield from the IDU to translate to commercial yields of approximately 96 gallons of cellulosic ethanol per ton of biomass at Aemetis’ planned 12 million gallon per year commercial facility in Riverbank, CA.
Aemetis operated the IDU with 94% uptime, thus validating the combination of advanced arc furnace and gas fermentation technologies provided by LanzaTech and InEnTec to convert waste biomass into low carbon, renewable cellulosic ethanol and fish meal. The demonstration was conducted in order to verify yields for the fully integrated system, which included biomass handling, gasification, gas clean up, waste treatment, and distillation systems.
Yields produced by the IDU and verified by Leidos engineers were in line with the pro-forma expectations used for key financing activities, verifying the economics of the overall project. With the pro-forma validated, Aemetis is able to move towards closing of its USDA 9003 Biorefinery Assistance Program guaranteed loan and related financings.
“The completion of the IDU project completes a major milestone in the implementation of Aemetis’ plan to construct a commercial scale cellulosic ethanol facility using agricultural waste feedstock,” said Eric McAfee, Chairman and CEO of Aemetis. “The high yields also confirm the successful integration of technology required for Aemetis to enter the cellulosic ethanol market and meet a key deliverable in securing a $125 million dollar USDA loan guarantee. The cellulosic facility will allow Aemetis to help lead California’s initiatives for a clean energy future.”
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 production or effectiveness of the demonstration facility and the cellulosic ethanol facility, the construction and operation of the cellulosic ethanol facility, and the size of government mandates on, and prices of, cellulosic and other sources of ethanol. 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.