Aemetis reports revenues of $66 million for Q2
August 8, 2024
BY Aemetis Inc.
Aemetis Inc., a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace fossil fuels, on Aug. 1 announced its financial results for the three and six months ended June 30, 2024.
Revenues of $66.6 million for the second quarter of 2024 reflect strong execution by all three of the company’s operating segments, with the California Ethanol business generating $40.1 million in revenues, the India Biodiesel business generating $24.8 million in revenues, and the Dairy Renewable Natural Gas (RNG) business generating $1.6 million in revenues.
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“The ongoing construction and operation of dairy digesters with the current capacity to produce more than 300,000 MMBtu of renewable natural gas annually by the Dairy RNG business marks an important cash flow milestone for Aemetis, representing a reliable source of increased future revenues,” stated Todd Waltz, Chief Financial Officer of Aemetis. “We anticipate substantial additional revenues from the operational dairies and those dairies under construction when we receive LCFS provisional pathway approvals and when we receive the federal Inflation Reduction Act Section 45Z production tax credits for RNG production beginning in January 2025,” added Waltz.
The California Ethanol business commissioned a new Solar Microgrid with battery storage that will strengthen future cash flows by reducing electric utility costs and optimizing storage and load shedding during peak rate hours.
The Ethanol business also received an allocation of $10.5 million of IRA tax credits from the U.S. Department of Energy and the Internal Revenue Service under the first phase of IRA Section 48C awards to support the installation of a Mechanical Vapor Recompression system that is expected to reduce the Keyes facility natural gas usage by approximately 80%, significantly reducing the carbon intensity of the fuel ethanol produced and generating an associated increase in revenues. Detailed engineering for MVR is completed, and the company has begun procurement of the MVR equipment.
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“Complementing the revenue growth in our US businesses, our India Biofuel business announced the appointment of a Managing Director and Chief Executive Officer demonstrating our commitment to the expansion of the India business and our pursuit of an IPO of this subsidiary,” said Eric McAfee, chairman and CEO of Aemetis.
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