Aemetis Inc. released first quarter results on May 9, reporting increased revenues. Company officials confirmed the company’s biodiesel, renewable natural gas (RNG), and ethanol segments performed well during the quarter and provided an update of proposed sustainable aviation fuel (SAF) and carbon capture and storage (CCS) projects. 

During a first quarter earnings call, Aemetis Chief Financial Officer Todd Waltz said the company’s dairy RNG segment produced 60.3 million Btus of RNG from eight operating dairy digesters during the first quarter and sold its first California Low Carbon Fuel Standard credits. CEO Eric McAfee said Aemetis has signed 44 agreements with dairies and currently has nine operating diary digesters that are processing waste from 10 dairies. 

McAfee said the company plans to accelerate the rate of its biogas digester development in 2024. To support planned growth, Aemetis plans to close on $60 million of new private financing and secure additional USDA loan guarantees that are each expected to provide $25 million of additional construction funding. According to McAfee, the California Air Resources Board has signaled RNG will be an important feedstock for renewable hydrogen. He said the company is well positioned to supply RNG to the renewable hydrogen and renewable electricity markets, which are forecast to grow via CARB’s expected adoption of a 20-year mandate for the rapid decarbonization of transportation. 

McAfee also discussed the development of Aemetis’s proposed 90 MMgy Riverbank biorefinery project, which is expected to have the capacity to produce 78 MMgy of SAF. The company has secured key permits needed to move forward with the project and is now focused on project financing. McAfee said due diligence and negotiations are currently underway with investors, adding that the company is receiving a high level of interest from strategic and financial investors. 

At the existing corn ethanol plant in Keyes, California, Aemetis has completed construction of an on-site solar energy facility with battery storage. McAfee said the system will reduce energy costs and reduce the carbon intensity (CI) of ethanol produced at the plant. The company is also working to install a mechanical vapor recompression (MVR) system. According to McAfee, process design and detailed engineering is complete, and the company is now moving forward with procurement of the equipment. The MVR system is destined to reduce natural gas use at the Keyes plant by 80%, he added. 

Aemetis also has a carbon capture subsidiary, which is in the process of financing the characterization well and engineering needed to secure a Class VI permit from the U.S. EPA. McAfee said the company has received approval from the state of California to drill the characterization well and is working through the USDA loan process.  

In addition, the company has a biodiesel subsidiary in India, which McAfee said has positive EBITDA and funds its own operation and growth. The biodiesel subsidiary recognized $32.7 million of revenue during the first quarter, primarily from sales to the India Oil Marketing Companies.

Aemetis reported $72.6 million in revenue for the first quarter, up from $2.2 million during the same period of 2023. Gross loss was $600,000, compared to a gross loss of $1.3 million. Operating loss was $9.5 million, compared to an operating loss of $12.1 million. Net loss was $24.2 million, compared to a net loss of $26.4 million.