Aemetis has reported its financial results for the first uarter of 2023. The company has made significant progress with its energy efficiency projects at the Keyes ethanol plant in California, which has been idle since late 2022 due to a 500% increase in natural gas pricing. Aemetis has used this time to undertake maintenance and reconfiguration of the plant's systems, installing a new control system with artificial intelligence capabilities and several other process upgrades.
According to Aemetis CEO Eric McAfee, the company plans to restart the Keyes plant in the second quarter, and upgrades will allow the facility to operate using high-efficiency electric motors and pumps powered by low or zero-carbon renewable power sources. When the efficiency projects are complete in 2024, Aemetis expects natural gas usage at the Keyes plant to be reduced by over 80%. The company also plans to produce cellulosic ethanol at the Keyes plant, which qualifies for California Low Carbon Fuel Standard credits and a $1.01 per gallon federal tax credit.
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Aemetis is also progressing with its dairy renewable natural gas (RNG) operations, which produced 21,300 MMBtus from six dairy digesters during the first quarter. The RNG is currently being stored underground while the company awaits approval of a LCFS pathway for each digester. Aemetis Biogas completed the installation of 40 miles of biogas pipeline during the first quarter and commissioned the biogas-to-RNG upgrading facility and RNG interconnection unit with PG&E's pipeline.
Aemetis is also working on its proposed Riverbank sustainable aviation fuel (SAF) and renewable diesel project, for which it has been making steady progress towards air permits and building permits. The company plans to begin construction later this year.
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Aemetis' carbon capture subsidiary plans to initially inject up to 400,000 metric tons of carbon dioxide produced by its biogas, ethanol, and renewable diesel/SAF operations into two sequestration wells. The company expects to receive a permit for the first characterization well within the next month.
Although Aemetis reported first-quarter revenues of $2.2 million, down from $52 million during the same period last year, the company remains optimistic about its future prospects in the advanced renewable fuels and biochemicals market.
