Aemetis will supply 450 million gallons of renewable diesel from the Riverbank Carbon Zero Sustainable Aviation Fuel and Diesel facility
CUPERTINO, Calif., Dec. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ: AMTX), a renewable fuels company focused on negative carbon intensity products, has signed a 10-year, 450-million-gallon renewable diesel supply agreement with an industry-leading travel stop company, which is expected to generate more than $3 billion in revenue.
Renewable diesel is a drop-in fuel that significantly reduces greenhouse gases and other emissions from heavy duty vehicles that would otherwise use petroleum diesel.
The renewable diesel to be supplied under the agreement will fuel an estimated 3.6 billion miles of heavy truck and cargo transportation.
The travel stop company is continuing its strategy to diversify its fueling operations. Renewable diesel provides environmental benefits and performance enhancements compared to petroleum diesel.
“This supply agreement represents the largest supply contract signed by Aemetis for our Riverbank Carbon Zero Plant,” said Eric McAfee, the Founder, Chairman and CEO of Aemetis. “Combined with $2.1 billion of signed sustainable aviation fuel contracts, we have now signed more than $5 billion of binding offtake contracts related to the Riverbank production facility and also have MOU’s signed with seven airlines for additional contracts.”
The 90 million gallon per year Aemetis Carbon Zero sustainable aviation fuel and renewable diesel plant under development in two phases in Riverbank, California is designed to produce below zero carbon intensity renewable fuels. The design utilizes cellulosic hydrogen from waste forest and orchard wood along with onsite CO2 carbon sequestration and zero carbon intensity hydroelectric electricity. The demand for renewable diesel has increased as a result of policies including the California Low Carbon Fuel Standards and the federal Renewable Fuel Standard that require reductions in carbon emissions from transportation.
The Aemetis Carbon Zero plant is being built on the 125-acre former US Army Ammunition plant in Riverbank, California. The industrial site has 710,000 s.f. of existing production and office buildings, a 125-car railroad with ladder tracks, and a 22 megawatt power substation with high capacity power lines delivering hydroelectric power to the site.
About Aemetis
Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today's infrastructure.
Aemetis Carbon Zero products include zero-carbon fuels that can "drop-in" to be used in airplanes, truck, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle.
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 has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG). 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 from renewable oils along with orchard and forest waste. 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 relating to the development and construction of the sustainable aviation and renewable diesel fuel projects, our compliance with governmental programs, 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, 2020 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.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
