Aemetis, Inc · NASDAQ:AMTX
Aemetis — Investor Presentation (February 2024)
44 slides from Aemetis's investor presentation, Feb 20, 2024
Slide 1: Slide 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements 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
Slide 3: Aemetis at a Glance
Aemetis at a Glance An integrated energy transition platform Key Highlights 2 operating biofuel production plants with | Public company listed on NASDAQ: AMTX | ror than 120 million gallons of capacity || Developing SAF/RD production fai with 78 million gallons of annual capacity Large biodiesel pro
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 slow the rate of heating the Earth as coal and natural gas plants continue to operate globally. 2
Slide 5: Federal: RFS Below Zero Carbon Intensity Market Opportunities
Federal: RFS Below Zero Carbon Intensity Market Opportunities = Federal Renewable Fuel Standard (RFS) requires oil refiners and other obligated parties to use increasing amounts of renewable fuels (replacing fossil fuel) for transportation in the United States = Renewable fuels with below zero carbo
Slide 6: California: LCFS Below Zero Carbon Intensity Market Opportunity
California: LCFS Below Zero Carbon Intensity Market Opportunity = California Low Carbon Fuel Standard (LCFS) requires annual reductions in the carbon intensity of all fuels sold = In 2024, the California Air Resources Board (CARB) is expected to adopt regulations to reduce the average carbon intensi
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 Pacific Ethanol (Now NASDAQ: ALTO) + Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) = Founded e
Slide 8: Aemetis Circular Bioeconomy
Aemetis Circular Bioeconomy Integrated value chain supports growth while minimizing technology and execution risk ‘Aemetis Leverages Existing Plants, Infrastructure and Relationships to ees = Expand Low Carbon Biofuel Production © pemetis Biogas Dairy Farms produc ae gen Dairy cows consume the anima
Slide 9: Aemetis Expansion Plan Projections
Aemetis Expansion Plan Projections 2024 2025 2026 2027 2028 Total Dairy Renewable WCE 28,519 63,074 80,325 cies me RNG Sales Volume A (MMBtu/Year) 353,186 816,865 1,035,880 1,354,793 1,653,868 India Biodiesel © eae sxaroer2 84,535,320 109,895,916 Aemetis Expansion Capital Expenditures Projection by
Slide 10: Aemetis Projected Revenue Growth by Business Unit
Aemetis Projected Revenue Growth by Business Unit Revenue by Business Unit 2,500.0 38% CAGR REVENUES $1,959M 2,000.0 $1,603M F |] eon: — $1,100M 1000.0 $579M 500.0 $387M = 2024 2025 2026 2027 2028 ~ California Ethanol & Animal Feed ® India Biodiesel & Glycerin Dairy Renewable Natural Gas Renewable D
Slide 11: Aemetis Projected EBITDA Growth by Business Unit
Aemetis Projected EBITDA Growth by Business Unit 700.0 6000 500.0 4000 300.0 EBITDA by Business Unit 83% CAGR EBITDA 200.0 100.0 $31M 2025 2026 $486m 2027 $645M 2028 California Ethanol & Animal Feed Renewable Diesel/Sustainable Aviation Fuel 1 india Biodiesel & Glycerin 'm Carbon Capture & Sequestra
Slide 12: Revenue and Adjusted EBITDA Growth Plan
Revenue and Adjusted EBITDA Growth Plan Projected Consolidated Revenues and Adjusted EBITDA Revenues (millions) 2024 2025 2026 2027 2028| [california Ethanol & Animal Feed 212.9 238.8 248.8 249.8 251.2 India Biodiesel & Glycerin 155.3 259.1 369.2 442.3 575.0] Dairy Renewable Natural Gas 18.1 813 144
Slide 13: Net Income to EBITDA Reconciliation
Net Income to EBITDA Reconciliation ‘ojected Consolidated Net Income to Adjusted EBITDA Reconciliation [Califomia Ethanol & Animal Feed (18.7) 10.6 14.2 7.0 ol India Biodiesel & Glycerin 118 313 38.6 48.6 ag Dairy Renewable Natural Gas (27.7) 13.2 43.2 49.3 ns Renewable Diesel/Sustainable Aviation F
Slide 14: Aemetis Projected Capital Expenditures by Business Unit
Aemetis Projected Capital Expenditures by Business Unit Capital Expenditures (in millions) california Ethanol & Animal Feed India Biodiesel & Glycerin Dairy Renewable Natural Gas carbon Capture & Sequestration Corporate IRA Tax Credits (in millions) California Ethanol & Animal Feed India Biodiesel &
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Slide 16: California Ethanol Plant: Plan for Earnings Growth
California Ethanol Plant: Plan for Earnings Growth High Efficiency Heat Exchangers (Completed 2023) Zero Carbon Intensity Electricity Implemented new Distributed Control System (DCS) with Al capability (2023) 3 MW Solar Microgrid with Battery Storage (Completed Q1 2024) Electrification of plant redu
Slide 17: California Ethanol Plant: Conversion to Low Carbon Electricity
California Ethanol Plant: Conversion to Low Carbon Electricity
Slide 18: Below Zero Carbon Feedstock for Ethanol/SAF/Hydrogen Production
Below Zero Carbon Feedstock for Ethanol/SAF/Hydrogen Production + Reliable and abundant negative carbon intensity feedstock supply of orchard waste wood in Central California from 1.5 million acres of almond, walnut and other orchards = Trucks moving waste wood can use negative carbon intensity dair
Slide 19: Millions of Tons of Local Below Zero Carbon Intensity Feedstock
Millions of Tons of Local Below Zero Carbon Intensity Feedstock Biomass-to-Energy Plants Closingin California * Biomass-to-Energy plants decreased from 33 plants to 5 plants = Unable to compete with subsidized solar and wind energy More than 1.5 million acres of Almonds/Walnuts in California = 2+ mi
Slide 20: UC Davis Feedstock Study Results
UC Davis Feedstock Study Results ‘Acres Harvested and Projected soo 1,400 Ae ° z rte Almond § 2200 * Walnut 1 alot rected gue Gross Biomass Totals (2036) : 1.600 ze = 1400 . E ee ond oma i E1200 War ionas 1 3 prose 1000 bcd = 800 ° 3 600 ‘0 39m 1m 3090 20m ano mY 2208 io 200 1000 _———— a er ee ee ee
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Slide 22: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG
Plan for Revenue and Earnings Growth: Below Zero Cl Dairy RNG
Slide 23: Aemetis Biogas LLC: Dairy RNG Overview
Aemetis Biogas LLC: Dairy RNG Overview LEGEND: RNG Upgrading Facility @ Operational Dairy Sites @ Projects Under Construction ®@ Contracted Projects — Operational Pipeline — Planned Pipeline Anaerobic digesters capture dairy methane gas: then treatment units at each dairy remove hydrogen sulfide (H,
Slide 24: Dairy RNG: Plan for Revenue and Earnings Growth
Dairy RNG: Plan for Revenue and Earnings Growth
Slide 25: Dairy Digester Manure-to-Biogas Process
Dairy Digester Manure-to-Biogas Process WASTE WATER POND, FLUSH LANES. BIOGAS UPGRADING BIOGAS PRETREATMENT SKID LAGOON DIGESTER FACILITY / UTILITY INTERCONNECTION
Slide 26: Biogas-to-RNG Plant Overview
Biogas-to-RNG Plant Overview = Aemetis produces biogas (captured methane & CO.) from manure feedstock at local dairies = Central gas conditioning unit converts biogas to Renewable Natural Gas (“RNG”) = RNG production planned to increase to 1.65 MMBTU/year by 2028 = RNG carbon intensity of -320 to -3
Slide 27: RNG Plant and PG&E Gas Pipeline Interconnect
-RNG Plant and PG&E Gas Pipeline Interconnect to. Aemetis Biogas
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Slide 29: Biodiesel/Glycerin/Tallow Refinery in Kakinada, India
Biodiesel/Glycerin/Tallow Refinery in Kakinada, India 2022 India National Biofuels Policy resulted in Oil Marketing Companies purchasing biodiesel with Cost Plus pricing. Aemetis expanded plant capacity in 2023 and plans < continued expansion to 100 mgy.
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Slide 31: Riverbank, California Site
Riverbank, California Site = Signed acquisition agreement for the 125-acre jy Riverbank Industrial Complex site in December 2021 = Former U.S. Army Ammunition Plant - 125 acres of industrial and commercial land - 710,000 sf. of existing buildings - Onsite railroad with 120 railcar storage - 100% low
Slide 32: Sustainable Aviation Fuel and RD Plant - Riverbank, California
Sustainable Aviation Fuel and RD Plant - Riverbank, California al Am ) SS
Slide 33: Technologies for "Carbon Zero" SAF/RD Plants
Technologies for “Carbon Zero” SAF/RD Plants Feedstock HydroFlex™ enewable Fuels Non-Edible Oils Proven Renewable Technology Distillers Corn Oil + Hydroprocessing — Tallow + Paraffin Isomerization Renewable SAF Camelina/Carinata + Hydrocracking Renewable Diesel Renewable Propane Renewable Naphtha Ga
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Slide 35: Aemetis Carbon Capture and Sequestration Projects in California
Aemetis Carbon Capture and Sequestration Projects in California Formerly an inland ocean now known as the Central Valley of California - Light green area shows shale geological storage containing saline water for CCS - Shale caprock layer at approximately 7,000 ft depth and basement layer below CO,
Slide 36: Access to Permanent Geological Storage
Access to Permanent Geological Storage Permanent Geologic Storage even when longer distance anspor to afl eoogi storage opportunity storage ste requce. © Pesos. on cat sine tree (© seiea co, storage tormaton Estate US gota CO, rag capacty i Foto seg ton i low Med gh A ; te penn peo te ‘Saline 2.2 tr
Slide 37: Saline Storage Formations
Saline Storage Formations ‘Senses or tra 101 eee ers ONESim Cees ° cota Nt Caria ptr os ‘eaten tage macro ene ‘ecko wndcron rra Th ste (Caen gtre oe on ‘netics 00, sore ee ‘Sie foraern sda han ee ‘const rcrbon somgeoosode nto stomae errortnty dant note ge a S (ons co, sr ator cries + Strap poston st
Slide 38: 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 $100 50 -100 Total Cost with LCFS, 45Q($/tCO,) “150 10 20 30 40 50 60 Annual Emissions Abated (meco,/yr) > Cmethanol> — MRefinery Ml Hydrogen micHe Micement Misce The 34 facili
Slide 39: Emission Comparison and Capture Cost
Emission Comparison and Capture Cost COMPARISON OF EMISSIONS AND CAPTURE COST (BY FACILITY AND SUBSECTOR) ‘A. Emissions per year by individual facility B. Avera ‘emissions of CO, per year by facility type + Decreased capture cost with pre- existing on-site COz compression system + Inverse relationsh
Slide 40: Proximity to Other CO2 Sources
Proximity to Other CO, Sources + Aemetis CO2 storage sites are located 90 miles directly east of 5 major oil refineries in the San Francisco Bay Area + Each SF Bay Area refinery emits approximately 800,0000 to 2,000,000 MT of CO per year + Total of ~ 5,000,000 MT of COz capture and storage needed fo
Slide 41: Aemetis CCUS CO2 Unloading, Compression and Sequestration Site
Aemetis CCUS CO, Unloading, Compression and Sequestration Site + Gaseous CO, from SAFIRD plant and ethanol plant, as well as dairy RNG facility + Liquid CO, transported to site using RNG trucks allows delivery of CO, sourced from other producers + Rail and truck CO, loading and unloading facilities
Slide 42: Aemetis Carbon Capture & Sequestration Project Leaders
Aemetis Carbon Capture & Sequestration Project Leaders Baker Hughes: Underground Engineering and Well Drilling + Leading natural gas and crude oil drilling company + $20 billion market value + Operates in 120+ countries + CCUS Technology Solutions include: + Pre-FEED and FEED consultation and projec
Slide 43: Riverbank CCS Project Milestones and Expected Timeline
Riverbank CCS Project Milestones and Expected Timeline: * Characterization Well Permit + Access road and well pad (Complete) + CalGEM permit (for characterization well) received in Q2 2023 (Complete) + All City of Riverbank permits for CO2 injection characterization well (Complete) * Data Collection
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