Business
Aemetis Reports 2022 Fourth Quarter and Year-End Results
Year Over Year Revenues Track the Five Year Plan by Increasing 21% ($45 million) to $257 Million CUPERTINO, CA, March 09, 2023 (GLOBE NEWSWIRE) -- via
About this update from Aemetis, Inc
[{"type":"text","content":"Year Over Year Revenues Track the Five Year Plan by Increasing 21% ($45 million) to $257 Million CUPERTINO, CA, March 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on below zero carbon intensity products, today announced its financial results for the three and twelve months ended December 31, 2022. “Revenues for 2022 increased 21% compared to 2021, largely due to price increases in ethanol feed co-products in the United States and demand from oil marketing companies in India,” said Todd Waltz, Chief Financial Officer of Aemetis. “Revenues during 2022 increased to $257 million compared to $212 million during 2021. Capital expenditures for carbon intensity reduction projects were $49.5 million for 2022 as our engineering and construction teams moved forward with the initiatives outlined in our Five Year Plan,” added Waltz. During 2022, Aemetis achieved key milestones, including: Completing the installation of 40 miles of biogas pipeline; Completing construction of the biogas-to-RNG upgrading facility; Completing construction of the RNG interconnection unit with PG&E’s pipeline; Completing construction of four new dairy digesters with gas pretreatment; Progressing with construction of a 1.9 megawatt solar microgrid with battery backup; testing and commissioning the Mitsubishi ZEBREX electric ethanol dehydration facility; Advancing permitting and engineering for the Carbon Zero renewable jet/diesel plant and Riverbank carbon sequestration facilities Achieving detailed engineering, procurement, and phase one construction for the Mechanical Vapor Recompression (MVR) unit at the Keyes plant to displace the use of petroleum natural gas with zero carbon intensity solar and renewable grid electricity; and Securing the first cost-plus biodiesel purchase agreement in India, which we expect to develop into an ongoing fuel supply relationship with the oil marketing companies in India, “In addition to achieving operational milestones during 2022, we closed three new credit facilities for an aggregate of up to $125 million to fund the completion of the carbon reduction projects at the Keyes ethanol plant, engineering and permitting for the jet/diesel plant, and engineering and permitting of the two carbon sequestration wells at the Riverbank and Keyes pla...