Aemetis, Inc · NASDAQ:AMTX
Aemetis — Investor Presentation (April 2021)
38 slides from Aemetis's investor presentation, Apr 21, 2021
Slide 1: Aemetis, Inc. Leading the Production of Below Zero Carbon Intensity Fuels
Aemetis,; Inc. (Nasdaq: AMTX) Leading the Production of Below Zero Carbon Intensity Renewable Natural Gas and Renewable Fuels For Airplanes, Trucks, Cars and Electric Vehicles April 21, 2021
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: Third Generation Technology to Reverse Climate Change
Third Generation Technology to Reverse Climate Change 1st Generation Renewable Energy = Use the Sun’s energy Solar, Wind, Hydro and Nuclear do not absorb carbon from the atmosphere. These energy sources are slowing the rate of heating the Earth as coal and natgas plants continue to operate globally.
Slide 5: Below Zero Carbon Intensity Market Opportunity
Below Zero Carbon Intensity Market Opportunity = Dairy RNG at -426 Carbon Intensity generates revenues of $142 per MMBTU (at $200 LCFS and $3.00 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 petro
Slide 6: Aemetis Overview
Aemetis Overview Company: = Founded 2006 in Cupertino, CA by former co-founder of $1.6 billion revenues Pacific Ethanol (Nasdaq: ALTO) = $166 million revenues (2020) with $300 million of assets (build cost) = Experts in building and operating Low and “Below Zero” Carbon Intensity (Cl) renewable fuel
Slide 7: Aemetis Overview
Aemetis Overview = Below Zero Carbon Dairy RNG and Biofuels Projects Planned - Dairy Renewable Natural Gas (dRNG) Project in Central California to produce RNG with carbon intensity of -426 under California LCFS program * Phase | Completed: Two dairy digesters, 4 mile pipeline, biogas boiler * Phase
Slide 8: 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 9: 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 $1.078 REVENUES 2021 2022 2023 2024 2025 California Ethanol India Biodiesel & Dairy RNG ‘© Jet/Diesel with Below Zero CI Hydrogen The information on this slide constitutes forward-looking st
Slide 10: Aemetis Projected EBITDA Growth by Business Unit
Aemetis Projected EBITDA Growth by Business Unit $400.0 109% CAGR EBITDA $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $8M $0.0 —_— 2021 2022 2023, 2024 2025 “California Ethanol India Biodiesel = Dairy RNG ‘m Jet/Diesel with Below Zero Cl Hydrogen 1. The information on this slide constitutes forwa
Slide 11: 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 89 55.2 95.8 134.8 1755 Jet/Diesel with Bel
Slide 12: Net Income to EBITDA Reconciliation
Net Income to EBITDA Reconciliation Projected Consolidated Net Income to Adjusted 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 5.7 79 16.2 26.4 35.8 ‘Stock compensation 09 07 07 07 07 Service stock 0.0 0.0 0.0
Slide 13: Plan for Revenue and Earnings Growth: California Ethanol Plant
Plan for Revenue and Earnings Growth: California Ethanol Plant High Grade Sanitizer Alcohol (2020-21) 15 million gallons GREET Pathway Carbon Intensity score (2019) Solar Array with Battery for Zero Cl Electricity (2021) Zero carbon electricity Constructed CO2 plant to earn cash and tax credits (202
Slide 14: Aemetis Biogas
Aemetis Biogas: Negative Carbon Intensity Renewable Natural Gas for Trucks, Biofuels Production and Electric Vehicles
Slide 15: 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 16: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project
Plan for Revenue and Earnings Growth: Below Zero Cl Dairy RNG Project $102 million dRNG Project Funding Plan for Phase | (Completed) and Phase II Automatically-redeemed preferred equity for $30 million (already funded) $23 million of California grants awarded for digesters, gas cleanup and interconn
Slide 17: 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 -426 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 18: Aemetis Carbon Capture
Aemetis Carbon Capture: Carbon Capture & Sequestration (CSS) of CO2 for Renewable Fuels Plants in California
Slide 19: Aemetis Carbon Capture and Sequestration Projects in California
Aemetis Carbon Capture and Sequestration Projects in California = Formerly an inland ocean now known as the spoons Central Valley of California cS pmosecr ofvetopmenr opportuniTies - Light green area shows shale geological storage containing saline water for CCS - Shale caprock layer at approximatel
Slide 20: Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects
Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects FIGURE 3-14 MARGINAL ABATEMENT CURVE BY FACILITY =, $100 g = 50 4 2 e oO Fd 3 = : 50 % 8 4 2 -150 10 20 30 40 50 60 Annual Emissions Abated (Mtco,/yr) > Birefinery Mi iydrogen cue Wicement Mince The 34 facilities on the left
Slide 21: Emission Comparison and Capture Cost
Emission Comparison and Capture Cost rouneaas COMPARISON OF EMISSIONS AND CAPTURE COST (BY FACILITY AND SUBSECTOR) Emissions per year by individual f Average emissions of CO, per year by facility type Intima. Tin. C. Capture cost by individual facility D. Weighted average (by emissions) Capture cost
Slide 22: Sustainability
Sustainability: FIGURE 3-15 GENERAL BUSINESS CONFIGURATION OF AN ETHANOL PRODUCTION FACILITY WITH CARBON CAPTURE AND CO-LOCATED STORAGE croupene Omen ctemam, Oxmcase Meycaese Frjescstonmeson Serna ‘eaatrireanons grasa spate En iene Leary a oe meta Seon Eeeome | epee Teele Seats Eeeseay Greases cece
Slide 23: Aemetis Carbon Capture & Sequestration Project Leaders
Aemetis Carbon Capture & Sequestration Project Leaders ATSI: Carbon Sequestration Project Manager, Engineering and EPC * For more than 40 years, ATSI has provided world-class Front-End Engineering © Design (FEED/FEL), project management, EPC and commissioning services * Major projects completed at m
Slide 24: Aemetis "Carbon Zero" Plants
Aemetis “Carbon Zero” Plants: Renewable Jet/Diesel Fuel Produced Using Negative CI Cellulosic Hydrogen and Zero CI Electricity
Slide 25: Millions of Tons of Local Below Zero Carbon Intensity Feedstock
Millions of Tons of Local Below Zero Carbon Intensity Feedstock Biomass-to-Energy Plants Closing in California = Biomass-to-Energy plants decreased from 33 plants to 5 plants = Unable to compete with subsidized solar and wind energy More than 1 million acres of Almonds in California = 2+ million ton
Slide 26: UC Davis Feedstock Study Results
UC Davis Feedstock Study Results ‘sei Acres Harvested and Projected | a (© Projected Almond “7°? 1200 * Watout o 8 1,000 Walnut Projected & = ‘6 1,600 t _ 1,400 i 1,200 0 3 3 1,000 ae, = 800 ‘ 2 600 1960 1970 1980 1990 2000 2010 2020 20002080 § 3 a 200 1000 0 a ° so 10050000 Miles from Fality 200 70
Slide 27: Below Zero Carbon Intensity Feedstock Contract Signed
Below Zero Carbon Intensity Feedstock Contract Signed = Negative carbon intensity feedstock supply agreement for orchard waste wood in Central California = 20-year orchard waste wood supply agreement at fixed prices = — Signed with one of the largest almond wood and walnut wood processors in the wor
Slide 28: "Carbon Zero" Renewable Jet/Diesel Plants using Cellulosic Hydrogen
“Carbon Zero” Renewable Jet/Diesel Plants using Cellulosic Hydrogen Gasification Syngas to Hydrogen Feedstock Syngas converted to -80 CI Cellulosic Hydrogen si i Byproduct i Biomass Feedstock (Negative CI) Zero Carbon Intensity + Orchard Wood Waste Electricity from + Vineyard Wood Waste Non-Edible O
Slide 29: "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) Revenue $2.6 $3.5 $110.1 $272.3 $467.1 cos 2.6 3.4 85.5 209.2 354.0 SG&A 0.6 0.5 1.3 Ut AT
Slide 30: Riverbank, California Site
Riverbank, California Site = Former Army Ammunition Plant = 142 acres of industrial and commercial land = 710,000 s.f. of existing buildings = Railroad with 120 railcar storage = 100% low carbon hydroelectric power with onsite substation = Air emissions permits from former operations = Feedstock sto
Slide 31: "Carbon Zero" Renewable Jet/Diesel and Cellulosic Biofuels Site Layout
“Carbon Zero” Renewable Jet/Diesel and Cellulosic Biofuels Site Layout 2 Subject to revision pursuant to project development and permitting requirements
Slide 32: Riverbank: Aemetis Awarded Exclusive Right to Acquire Site
Riverbank: Aemetis Awarded Exclusive Right to Acquire Site City of Riverbank Local Redevelopment Authority 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 27" Cit
Slide 33: InEnTec Gasifier Produces Negative Carbon Intensity Cellulosic Hydrogen
InEnTec Gasifier Produces Negative Carbon Intensity Cellulosic Hydrogen
Slide 34: Aemetis Expansion Projects
Aemetis Expansion Projects: California Cellulosic Ethanol from Waste Wood Plant India Distilled Biodiesel and Refined Glycerin Plant
Slide 35: USDA 9003 $125 million Loan Guarantee for Cellulosic Ethanol Plant
USDA 9003 $125 million Loan Guarantee for Cellulosic Ethanol Plant USDA Loan Overview * Cellulosic biofuels project uses gasification of Below Zero Carbon Intensity waste orchard wood feedstock to produce biofuel * USDA issued Conditional Loan Guarantee for $125 million bank loan with 80% Loan Guara
Slide 36: India Biodiesel/Glycerin Plant Fully Upgraded and Operational
India Biodiesel/Glycerin Plant Fully Upgraded and Operational * India Govt recently issued purchase tender for $900 million of biodiesel to implement National Biofuels Policy goal of 1.25 billion gallons per year
Slide 37: Aemetis Below Zero Carbon Products are the Leading LCFS Fuels Categories
Aemetis Below Zero Carbon Products are the Leading LCFS Fuels Categories Fig 2. Credit Percentage by Fuel Q1 2011 - @3 2020 mechanot = Blometnane Fos Natural Gas lecteey sm Giodiewt Aemetis is a diversified renewables company producing low and negative carbon intensity fuels: - Low Carbon Renewable
Slide 38: Aemetis, Inc.
Aemetis, Inc. (Nasdaq: AMTX) Eric McAfee, Chairman/CEO eric.mcafee@aemetis.com