Aemetis, Inc · NASDAQ:AMTX
Aemetis — Investor Presentation (February 2024)
44 slides from Aemetis's investor presentation, Feb 20, 2024
Slide 1: Aemetis, Inc. (NASDAQ: AMTX)
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 February 20, 2024
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 8 dairy RNG digesters with 36 mile biogas Public company listed on NASDAQ: AMTX more than 120 million gallons of capacity pipeline built and 40 dairies signed Large biodiesel produc
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: Circular Bioeconomy
Aemetis Circular Bioeconomy 8
Slide 9: Expansion Plan Projections
Aemetis Expansion Plan Projections 2024 2025 2026 2027 2028 Total Dairy Renewable WCE 28,519 63,074 80,325 104,540 127,260 dRNG Sales Volume 353,186 816,866 1,035,880 1,354,793 1,653,868 (MMBtu/Year) India Biodiesel 34,227,559 54,419,612 73,968,405 84,535,320 109,895,916 (Gallons/Year) SAF Jet / Ren
Slide 10: Projected Revenue Growth by Business Unit
Aemetis Projected Revenue Growth by Business Unit 10
Slide 11: Projected EBITDA Growth by Business Unit
Aemetis Projected EBITDA Growth by Business Unit 11
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 81.3 144.2
Slide 13: Net Income to EBITDA Reconciliation
Net Income to EBITDA Reconciliation Projected Consolidated Net Income to Adjusted EBITDA Reconciliation Net Income (in millions) 2024 2025 2026 2027 2028 California Ethanol & Animal Feed (18.7) 10.6 14.2 7.0 0.4 India Biodiesel & Glycerin 11.8 31.3 38.6 48.6 64.9 Dairy Renewable Natural Gas (27.7) 1
Slide 14: Projected Capital Expenditures by Business Unit
Aemetis Projected Capital Expenditures by Business Unit Projected Capital Expenditures and IRA Tax Credits Capital Expenditures (in millions) 2024 2025 2026 2027 2028 California Ethanol & Animal Feed 16.8 (0.0) - - - India Biodiesel & Glycerin 20.0 - - - - Dairy Renewable Natural Gas 74.4 58.4 61.2
Slide 15: Ethanol
Aemetis Ethanol High Octane, Low Emission and Low Carbon Renewable Fuel for Transportation 15
Slide 16: California Ethanol Plant: Plan for Earnings Growth
California Ethanol Plant: Plan for Earnings Growth Ethanol Plant Upgrades to Increase Energy Ethanol Plant Upgrades to Increase Efficiency and Reduce Carbon Intensity Operational Performance High Efficiency Heat Zero Carbon Implemented new Distributed Control System (DCS) Exchangers Intensity Electr
Slide 17: California Ethanol Plant: Conversion to Low Carbon Electricity
California Ethanol Plant: Conversion to Low Carbon Electricity ________________________________________________________ 17
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 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 1.5 million acres of Almonds/Walnuts in California 2+ m
Slide 20: UC Davis Feedstock Study Results
UC Davis Feedstock Study Results Study Conclusions • Confirmed air emissions assumptions for carbon intensity score under LCFS • Confirmed biomass growth and availability • Projected feedstock pricing • 20-year guaranteed supply due to lifecycle of trees 20
Slide 21: Biogas
Aemetis Biogas Below Zero Carbon Intensity Dairy Renewable Natural Gas to Fuel Heavy-Duty Trucks and Buses 21
Slide 22: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG
Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Aemetis Dairy RNG Digesters, Pipeline, Gas Cleanup and Utility Interconnection Biomethane anaerobic digesters at dairies connected by biogas pipeline to a gas cleanup and compression facility at the Aemetis Keyes ethanol plant produce dai
Slide 23: Aemetis Biogas LLC: Dairy RNG Overview
Aemetis Biogas LLC: Dairy RNG Overview 40 Dairies Signed with 35-Year Leases and/or Participation Agreements Anaerobic digesters capture dairy methane gas; then treatment units at each dairy remove hydrogen sulfide (H2S) before gas enters into biogas pipeline 8 Digesters = In Service 36 mile bio
Slide 24: Dairy RNG: Plan for Revenue and Earnings Growth
Dairy RNG: Plan for Revenue and Earnings Growth Aemetis Dairy RNG Project Funding Preferred equity for $30 million (Funded) $23 million California grants for digesters, gas cleanup, and interconnect to utility pipeline $1 million Air District grant for RNG dispensing station at Keyes plant $
Slide 25: Dairy Digester Manure-to-Biogas Process
Dairy Digester Manure-to-Biogas Process 25
Slide 26: Biogas-to-RNG Plant Overview
Biogas-to-RNG Plant Overview Aemetis produces biogas (captured methane & CO2) 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: Biogas-to-RNG Plant and PG&E Gas Pipeline Interconnect
Aemetis Biogas-to-RNG Plant and PG&E Gas Pipeline Interconnect 27
Slide 28: International
Aemetis International India Biodiesel, Refined Glycerin and Refined Tallow Production 28
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. 29
Slide 30: “Carbon Zero” Renewable Fuels
Aemetis “Carbon Zero” Renewable Fuels Sustainable Aviation Fuel and Renewable Diesel Production 30
Slide 31: Riverbank, California Site
Riverbank, California Site Signed acquisition agreement for the 125-acre Riverbank Industrial Complex site in December 2021 Former U.S. Army Ammunition Plant − 125 acres of industrial and commercial land − 710,000 s.f. of existing buildings − Onsite railroad with 120 railcar storage − 100% low c
Slide 32: Sustainable Aviation Fuel and RD Plant - Riverbank, California
Sustainable Aviation Fuel and RD Plant - Riverbank, California 32
Slide 33: Technologies for “Carbon Zero” SAF/RD Plants
Technologies for “Carbon Zero” SAF/RD Plants Feedstock HydroFlex Renewable Fuels Non-Edible Oils Proven Renewable Technology • Distillers Corn Oil • Hydroprocessing • Tallow • Paraffin Isomerization Renewable SAF • Camelina/Carinata • Hydrocracking Renewable Diesel Renewable Propane Renewable Naphth
Slide 34: Carbon Capture
Aemetis Carbon Capture Carbon Capture and Underground Sequestration (CCUS) of CO2 34
Slide 35: 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 36
Slide 37: Saline Storage Formations
Saline Storage Formations 37
Slide 38: Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects
Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects 38
Slide 39: Emission Comparison and Capture Cost
Emission Comparison and Capture Cost • Decreased capture cost with pre- existing on-site CO2 compression system • Inverse relationship between plant emissions and storage capability • Highest emitters lack the geological positioning • Aemetis has ability to receive CO2 by rail and inject into well 3
Slide 40: Proximity to Other CO2 Sources
Proximity to Other CO2 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 CO2 per year • Total of ~ 5,000,000 MT of CO2 capture and storage needed f
Slide 41: CCUS CO2 Unloading, Compression and Sequestration Site
Aemetis CCUS CO2 Unloading, Compression and Sequestration Site • Gaseous CO2 from SAF/RD plant and ethanol plant, as well as dairy RNG facility • Liquid CO2 transported to site using RNG trucks allows delivery of CO2 sourced from other producers • Rail and truck CO2 loading and unloading facilities
Slide 42: 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
Slide 44: Aemetis, Inc. (NASDAQ: AMTX)
Aemetis, Inc. (NASDAQ: AMTX)