Aemetis, Inc · NASDAQ:AMTX
Aemetis — Investor Presentation (March 2021)
28 slides from Aemetis's investor presentation, Mar 1, 2021
Slide 1: Slide 1
Slide 2: Disclaimer
Disclaimer This presentation 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 presentation include,
Slide 3: Aemetis Overview
Aemetis Overview Aemetis means “One Prudent Wisdom” Ae means One in Scottish. In Greek, Metis is the prudent mother of Athena (goddess of wisdom). Mission Replace high carbon intensity petroleum products with “Below Zero” renewable fuels and byproducts to reverse Climate Change caused by greenhouse
Slide 4: Aemetis Overview
Aemetis Overview Company: = Founded 2006 in Cupertino, CA by former co-founder of $1.6 billion revenues Pacific Ethanol (Nasdaq: ALTO) = $200 million revenues (2019) with $300 million of assets (build cost) = Experts in building and operating Low and “Below Zero” Carbon Intensity (Cl) renewable fuel
Slide 5: Aemetis Overview
Aemetis Overview = Below Zero Carbon Renewable Natural Gas and Biofuels Projects - Dairy Renewable Natural Gas (dRNG) Project in Central California to produce RNG with carbon intensity of -416 under California LCFS program Symbol * Phase | Completed: Two dairy digesters, 4 mile pipeline, biogas boil
Slide 6: Below Zero Carbon Intensity Market Opportunity
Below Zero Carbon Intensity Market Opportunity = RNG at -416 Carbon Intensity generates revenues of $137 per MMBTU (at $200 LCFS and $2.60 D3 RIN) = Cellulosic Hydrogen to be used in Aemetis “Carbon Zero” jet/diesel plants is estimated -80 Carbon Intensity compared to +170 Cl Hydrogen from petroleum
Slide 7: Highly Experienced Management and Board of Directors
Highly Experienced Management and Board of Directors Eric McAfee - Chairman of the Board and CEO * Founder of Aemetis (NASDAQ: AMTX) and co-founder of $1.6 billion revenues Alto Ingredients (NASDAQ: ALTO) * Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) * Founded eigh
Slide 8: Aemetis Projected Revenue Growth by Business Unit
Aemetis Projected Revenue Growth by Business Unit* $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 35% CAGR REVENUES 2021 2022 2023 2024 $1.07B 2025 - California Ethanol © India Biodiesel = Dairy RNG Jet/Diesel with Below Zero Cl Hydrogen 1. The information on this slide constitutes forward-looki
Slide 9: Aemetis Projected EBITDA Growth by Business Unit
Aemetis Projected EBITDA Growth by Business Unit + $400.0 % CAG 109% CAGR -_ EBITDA $300.0 $250.0 $200.0 $150.0 $100.0 _ Lo $0.0 __ 2021 2022 2023 2024 2025 - California Ethanol «India Biodieset © Dairy RNG = Jet/Diesel with Below Zero Cellulosic H2 1. The information on this slide constitutes forwa
Slide 10: Revenue and Adjusted EBITDA Growth Plan
Revenue and Adjusted EBITDA Growth Plan Projected Consolidated Revenues, Net Income and EBITDA Summary? Revenues (millions) 2021 2022 2023 2024 2025 California Ethanol $175.0 $178.9 $185.6 $193.8 $201.0 India Biodiesel 52.1 95.6 115.8 182.5 225.0 Dairy RNG 8.9 55.2 95.8 134.8 175.5 Jet/Diesel with B
Slide 11: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project
Plan for Revenue and Earnings Growth: Below Zero Cl Dairy RNG Project Aemetis nol Plant
Slide 12: Sustainable Advantage in Below Zero Carbon Intensity Dairy RNG
Sustainable Advantage in Below Zero Carbon Intensity Dairy RNG Aemetis has established a significant competitive advantage with -416 Cl dairy Renewable Natural Gas in CA - California passed Senate Bill 1383 to cause dairies to capture methane from dairy waste lagoons or buy LCFS credits to offset me
Slide 13: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project
Plan for Revenue and Earnings Growth: Below Zero Cl Dairy RNG Project
Slide 14: Carbon Zero Renewable Jet/Diesel Plants using Cellulosic Hydrogen
“Carbon Zero” Renewable Jet/Diesel Plants using Cellulosic Hydrogen eedstock Gasification Syngas to Hydrogen Feedstock | Syngas converted to = -80 Below Zero Cl Electricity Cellulosic Hydrogen —f = Byproduct ae) YP: ii Biomass Feedstock (Negative CI) + Orchard Wood Waste Non-Edible Oil: + Vineyard W
Slide 15: Carbon Zero Renewable Jet/Diesel Plants with Cellulosic Hydrogen
“Carbon Zero” Renewable Jet/Diesel Plants with Cellulosic Hydrogen Projected Income Statement for Carbon Zero Plants? 2021 2022 2023 2024 2025 Operating Plant Capacity (mgy) - - 23 56 90 (Amounts in millions) coGs 2.6 3.4 85.5 209.2 354.0 SG&A 0.6 0.5 1.3 ey, ATA Net Income $ (06) $ (0.5) $5.3 $21.4
Slide 16: USDA 9003 $125 million Loan for Riverbank Cellulosic Biofuels Plant
USDA 9003 $125 million Loan for Riverbank Cellulosic Biofuels Plant USDA Loan Overview * Cellulosic biofuels project uses gasification of Below Zero Carbon Intensity waste orchard wood feedstock to produce biofuel * USDA guarantees $125 million bank loan with 80% Loan Guarantee Project Milestones *
Slide 17: Local Millions of Tons of Below Zero Carbon Intensity Feedstock
Local Millions of Tons of Below Zero Carbon Intensity Feedstock Biomass-to-Energy Plants Closing in California ee = Biomass to energy plant decreased from 33 plant to 5 operating plants ‘ = Unable to compete with subsidized solar and wind energy More than 1 million acres of Almonds in California = 2
Slide 18: UC Davis Feedstock Study Results
UC Davis Feedstock Study Results ‘Acres Harvested and Projected 4,600 1,400 eamond °° z © Projected Almond of § 1200 © Watnut 3 100 Walnut Projected Fw 1,600 3 1,400 600 2 1,200 400 200 200 Biomass (1,000 BDT) 1960 1970 1980 1990 2000 2010-2020 20802080 o 50 100 150 200 250 Miles from Facility Study
Slide 19: Below Zero Carbon Intensity Feedstock Contract Complete
Below Zero Carbon Intensity Feedstock Contract Complete * Negative carbon intensity feedstock supply agreement with known amount of supply over 20 years signed with the largest almond wood and walnut wood processor in the world * Signed 130,000 ton per year supply agreement for $15 per ton orchard w
Slide 20: Riverbank, California Site
Riverbank, California Site = Former Army Ammunition Plant = 142 acres of industrial and commercial land = 710,000 s.f. of buildings Fi = = = Railroad with 120 car storage . = 100% low carbon hydroelectric power with onsite substation = Air emissions permits from former operations = Feedstock storage
Slide 21: Riverbank: Aemetis Awarded Exclusive Right to Acquire Site
Riverbank: Aemetis Awarded Exclusive Right to Acquire Site City of Riverbank Local Redevelopment Authority ati = March 28, 2018 VIA EMAIL Mr. Jeff Welch AEMETIS, Inc. Dear Jeff: On behalf of the City of Riverbank Local Redevelopment Authority ("LRA"), I am pleased to inform you that at their March 2
Slide 22: InEnTec Gasifier Produces Negative CI Cellulosic Hydrogen
InEnTec Gasifier Produces Negative Cl Cellulosic Hydrogen This Maser Purchase and Sake Agrecmoct (his “Agreement” eteod effective of May 23.2017. (the “Effective Date") by and between leks ec Ine a Delaware ception CInEnTee ce “Selle, 308 Neots, tne_ a Nevada coeporatin lined car NASDAQ der sgmbol A
Slide 23: Carbon Zero Renewable Jet/Diesel and Cellulosic Biofuels Site Layout
“Carbon Zero” Renewable Jet/Diesel and Cellulosic Biofuels Site Layout 1. Subject to revision pursuant to project development and permitting requirements
Slide 24: Plan for Revenue and Earnings Growth: California Ethanol Plant
Plan for Revenue and Earnings Growth: California Ethanol Plant | ib ye Ethanol Plant Upgrades ice Carbon Intensity High Grade Sanitizer _ ‘ Hi Il REET Path Alcohol (2020-21) 15 million gallons GREET Pathway Carbon Intensity score (2019) Solar Array with Battery for Zero carbon Constructed CO2 plant
Slide 25: India Biodiesel/Glycerin Plant Fully Upgraded and Operational
India Biodiesel/Glycerin Plant Fully Upgraded and Operational * India Govt purchase tender recently issued for $900 million of biodiesel _— to implement National Biofuels Policy goal of 1.25 billion gallons per year
Slide 26: Aemetis Below Zero Carbon Intensity in the Leading LCFS, RFS and IRS Fuels
Aemetis Below Zero Carbon Intensity in the Leading LCFS, RFS and IRS Fuels Fig 2. Credit Percentage by Fuel Q1 2011 - Q3 2020 Ethanol = Biomethane = Fossil Natural Gas Electricity mBicdieset m Renewable Diesel Other (Hydrogen, Renewable Naphtha, Propane, innovative Crude & Low Complexity / Low Energ
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Slide 28: Appendix A — Net Income to EBITDA Reconciliation
Appendix A — Net Income to EBITDA Reconciliation Net Income to EBITDA (millions) 2021 2022 2023 2024 2025 Net income (40.2) $2.5 $42.9 $102.4 $219.8 Depreciation s? 7.9 16.2 26.4 35.8 Stock compensation 0.9 0.7 07 07 07 Service stock 0.0 0.0 0.0 0.0 0.0 Interest income 0.0 0.0 0.0 0.0 0.0 Interest,