Cellulosic Ethanol Biorefinery to Utilize Agricultural Waste
Cupertino, CA (GLOBE NEWSWIRE) - via NEWMEDIAWIRE - Aemetis, Inc. (NASDAQ: AMTX) announced today that the California Energy Commission (CEC) has issued a Notice of Proposed Award (NOPA) for a $5 million grant to the Aemetis Riverbank cellulosic ethanol biorefinery. The CEC grant program provides California state funding support for projects that reduce air pollution, improve the environment, and lower carbon emissions. The CEC grant will support the state’s goals to reduce greenhouse gas emissions and chronic air pollution in California’s Central Valley through Aemetis’ conversion of waste orchard wood, which could otherwise be burned and released into the air, into low carbon biofuel at the planned Aemetis Riverbank plant.
“This $5 million CEC grant supports the work essential to the construction of the Aemetis Riverbank plant to produce below zero carbon biofuels from waste biomass that could otherwise be burned,” stated Eric McAfee, Chairman and CEO of Aemetis.
The Aemetis Riverbank project was selected as the “#1 Waste-to-Value Project” in 2018 by Biofuels Digest, citing benefits from the conversion of waste orchard wood into valuable biofuels, the low carbon content of the biofuel produced from agricultural waste, the rise in the value of credits for low carbon fuels under the California Low Carbon Fuel Standard, and the project’s 20-year feedstock supply agreement with fixed prices for 10 years.
The CEC grant is in addition to the recently announced $12.7 million sales and use tax waivers by the State of California to reduce the cost of equipment and other purchases for the construction of the Aemetis Riverbank plant.
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 construction and operation of the cellulosic production facility in Riverbank, California, the achievement of certain cost advantages for the construction of the cellulosic facility, and the costs to construct the cellulosic facility. 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 (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2017, 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.
© 2019 GlobeNewswire, Inc. All Rights Reserved.
SOURCE: Aemetis, Inc.