via NewMediaWire –
Aemetis, Inc. (NASDAQ: AMTX), a
leading producer of dairy Renewable Natural Gas (RNG) and developer
of the "Carbon Zero" renewable jet/diesel biorefineries, announced
today it signed a Master Developer Agreement with the City of
Riverbank to lease/purchase the 125-acre former military base in
Riverbank, California known as the Riverbank Industrial
Complex.
The Riverbank facility features 710,000 square feet of existing
buildings, a four-mile railroad loop with 120 railcar storage
capacity, and an onsite hydroelectric substation with 100% low
carbon hydroelectric power. The site has received more than $72
million of federal funding for facility upgrades and remediation
since being decommissioned as an army base.
Aemetis plans to build the "Carbon Zero 1" sustainable aviation
fuel and renewable diesel biorefinery at the site. The plant
is designed to use hydroelectric and other renewable power
available onsite to produce 90 million gallons per year of
sustainable aviation fuel, renewable diesel, and other byproducts.
The plant is expected to supply the aviation and truck markets with
ultra-low carbon renewable fuels to reduce greenhouse gas (GHG)
emissions and other pollutants associated with conventional
petroleum-based fuels.
The Riverbank Industrial Complex was an ammunition production
facility employing about 3,500 people and has been converted to
civilian use, including approximately 35 companies employing around
650 people. Under the terms of the Master Developer Agreement and
as the owner of the properties as parcels are transferred, Aemetis
will manage current tenants, utilize existing production facilities
for new tenants or as production facilities, and develop vacant
portions of the site with planned renewable fuels and carbon
sequestration facilities.
A federal job study estimated 2,014 direct and indirect jobs
will be created as a result of developing the Aemetis biofuels
plant.
"This project, from staff's perspective, has significant
potential to create an industrial job center for not only
Riverbank, but the whole region," said City Manager Sean Scully
during the City Council meeting on December 14th in which the
agreement was unanimously approved.
In mid-2018 after a competitive review process, the City of
Riverbank selected Aemetis as the master developer and acquirer of
the Riverbank Industrial Complex property. The City of Riverbank
has managed the complex since the military leased the site to the
City for conversion from military to private use.
"I've often stated that the City of Riverbank should not be in
the business of running the Industrial Complex," said Riverbank
Mayor Richard O'Brien. "Finding the right entity to take over that
task and come up with a deal that was good for all was at times
very painful – and highly rewarding. We are truly grateful to form
this partnership. There's nothing like this effort locally and this
project has regional significance."
The Aemetis agreement to acquire the Riverbank Industrial
Complex paves the way for a clean energy economic and environmental
renaissance in the California Central Valley.
The Aemetis Carbon Zero facility is designed to support almond
and other orchard farmers to dispose of wood waste by converting a
portion of the 3 billion pounds of annual orchard wood waste into
negative carbon intensity, renewable hydrogen used in sustainable
jet and renewable diesel fuel production.
Aemetis has received a grant for $5 million from the California
Energy Commission (CEC) for the engineering and construction of
biofuels production facilities at the Riverbank site.
Aemetis recently signed $2.1 billion of sustainable aviation
fuel supply agreements with Delta Air Lines to supply 250 million
gallons under a 10 year agreement and with American Airlines to
supply 280 million gallons, for delivery to the San Francisco
Airport. In addition to American, Aemetis has also signed
memorandums of understanding for sustainable aviation fuel with
seven other oneworld Alliance airlines.
In mid-December, Aemetis announced a $3 billion, 450 million
gallon, 10 year supply agreement with a large travel stop company
to supply renewable diesel to California fueling
locations.
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 and renewable diesel biorefineries in California utilizing
renewable oils, hydroelectric power, and orchard and forest wood
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 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 lease/purchase and management of the
Riverbank site, the development and construction of the sustainable
aviation fuel and renewable diesel plant, 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 RelationsContact:Kirin SmithPCG
Advisory Group(646) 863-6519ksmith@pcgadvisory.com
Company Investor Relations/Media Contact:Todd
Waltz(408) 213-0940investors@aemetis.com
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