Aemetis, Inc · NASDAQ:AMTX
Aemetis — Non-Deal Roadshow (October 2021)
36 slides from Aemetis's roadshow presentation, October 2021
Slide 1: Aemetis Inc.
OCTOBER 2021 Aemetis Inc. AEMETIS INC.
Slide 2: Disclaimer
Disclaimer This document has been prepared by Aemetis Inc. (the “Company”) solely for use as a non-deal road show. By accepting this document, you agree to maintain absolute confidentiality regarding the information disclosed in this document. The information contained in this document has not been
Slide 3: Table of Contents
Table of Contents 1 Introduction 2 Market Backdrop 3 Investment Thesis 4 Segments Overview 5 Appendix AEMETIS INC. 2
Slide 4: Introduction
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Slide 5: Today's Presenters
Today’s Presenters Eric McAfee - Chairman of the Board and CEO Founder of Aemetis (NASDAQ: AMTX) and co-founder of Alto Ingredients (NASDAQ: ALTO) Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) Founded eight public companies and funded twenty-five private compan
Slide 6: Aemetis at a Glance
Aemetis at a Glance An integrated energy transition platform Key Highlights Delta Airlines to offtake 250 million gallons of ~$610mm market cap (NASDAQ: AMTX) (1) ~$300mm+ in assets at build cost (2) Sustainable Aviation Fuel over 10 years 2 operating biofuel plants 1 planned biofuel plant 2 operati
Slide 7: Aemetis Evolution
Aemetis Evolution 2021 Announced plans to expand RNG business to include 17 2019 dairy digesters and 30+ 2008 miles of pipeline by 2022 Upgraded Kakinada Commenced production plant to process low of biodiesel facility located cost feedstocks in Kakinada, India June 2014 Announced plans to expand Aem
Slide 8: Aemetis Integrated Value Proposition
Aemetis Integrated Value Proposition Integrated value chain supports growth while minimizing technology and execution risk Aemetis Leverages Existing Plants, Infrastructure, and Relationships to Expand its Low-Carbon Biofuel Business Aemetis Biogas Dairy cows consume the animal feed from the Aemetis
Slide 9: Current Capitalization and Price Performance
Current Capitalization and Price Performance Company may look to opportunistically refinance existing debt and fund new projects As reported ($ in millions) 6/30/21 Cash and cash equivalents $7 Revolving Credit Facility Third Eye Capital non-revolving revolving notes $57 Third Eye Capital acquisitio
Slide 10: Market Backdrop
Market Backdrop
Slide 11: RNG is a Net-Zero Fuel Available Now
RNG is a Net-Zero Fuel Available Now RNG is an attractive energy source: it has an immediate and positive impact on climate change U.S. Methane Emissions 17% Landfills Sustainable Dairy RNG has a low to negative carbon intensity and Wastewater helps to address the problem of methane emissions Other
Slide 12: Strong Demand Drivers for RNG
Strong Demand Drivers for RNG Transportation, utility and energy platforms are going low-carbon: RNG is a solution RNG Will Power Growth in Alternative Fuel Heavy-Duty Vehicles (Millions) 2021-2040 Annual sales of Class 8 vehicles CAGR 1.5 19% 1.0 47% 25% 0.5 (3%) 0.0 2021 2023 2025 2027 2029 2031 2
Slide 13: Renewable Diesel is a Low-Carbon Alternative
Renewable Diesel is a Low-Carbon Alternative Renewable diesel is key to decarbonizing the global liquid fuel pool Active Low-Carbon Mandates Carbon Mandates in Development or GHG Emissions Goal 2030 GHG Emissions Net-Zero GHG Primary Transportation Fuel 2030 Liquid Fuels Goal Reduction Target Emissi
Slide 14: Sustainable Aviation Fuel (SAF) Overview
Sustainable Aviation Fuel (SAF) Overview SAF is available today as a drop-in blendstock solution to low-carbon air travel Used Orchard cooking oil waste Animal / vegetable 4 Fuel is delivered to airport renewable oils and into wing From 1 Feedstock is collected – such waste to wingtip – as orchard /
Slide 15: Unit Economics of RNG
Unit Economics of RNG RNG Illustrative Unit Economics Market Natural Total Revenue per RIN Price LCFS Price Gas Price Unit RNG meets fuel quality standards of geologic Lifecycle GHG emission Fulfils RFS requirements natural gas and is fungible reduction results in lower CI and generates RIN in exist
Slide 16: Investment Thesis
Investment Thesis
Slide 17: Investment Thesis
Investment Thesis 1 Highly Experienced Management Team 2 Diversified Approach to Low-Carbon Fuels 3 Low Execution Risk With Proven Technology 4 Durable Counterparty Relationships De-Risk Business Plan 5 High Visibility to Expansion 6 Favorable Regulatory Tailwinds Support Cash Flow Visibility AEMETI
Slide 18: Highly Experienced Management Team
1 Highly Experienced Management Team Eric McAfee - Chairman of the Board and CEO Founder of Aemetis (NASDAQ: AMTX) and co-founder of Alto Ingredients (NASDAQ: ALTO) Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) Founded eight public companies and funded twenty-f
Slide 19: Diversified Approach to Low-Carbon Fuels
2 Diversified Approach to Low-Carbon Fuels Renewable California India Dairy RNG Diesel / Jet Ethanol Biodiesel Operates dairy farm Building renewable diesel / jet Owns and operates 65 mgy Owns and operates an biomethane digesters refinery in Riverbank, CA to ethanol plant in Keyes, CA integr
Slide 20: Low Execution Risk With Proven Technology
3 Low Execution Risk With Proven Technology California Dairy RNG RD / SAF Ethanol Primary Feedstock Almond orchard waste (producing renewable cellulosic Dairy biogas hydrogen) Renewable Starches Renewable Oils Byproducts CO2 CO2 CO2 Wet Distiller’s Grain CO2 Renewable Naptha Rene
Slide 21: Durable Counterparty Relationships De-Risk Business Plan
4 Durable Counterparty Relationships De-Risk Business Plan Dairy RNG Low-Carbon Ethanol & Renewable Jet / Diesel Aemetis has spent years building strong relationships with local dairy farms Aemetis has partnered with trusted EPC, technology, and offtake providers to deliver on its potential for
Slide 22: High Visibility to Expansion
5 High Visibility to Expansion 2020 2021 2022 2023 2024 2025 RNG Digesters 2 2 13 10 12 13 Added Total RNG 2 4 17 27 39 52 Digesters Miles of 4 8 24 5 6 7 Pipeline Added MMBtu / Year(1) 55,539 111,077 472,078 749,772 1,083,003 1,444,005 Jet / Diesel Fuel 45.2 90.4 (mgy) India Biodiesel (mgy) 50.0 50
Slide 23: Favorable Regulatory Tailwinds Support Cash Flow Visibility
6 Favorable Regulatory Tailwinds Support Cash Flow Visibility Key Highlights Average CI Pathway Values Historical RIN/LCFS Pricing $3.50 $250 Federal and state programs allow for Aemetis’ Diesel renewable fuel to be sold at a premium to Natural Gas $3.00 conventional products $200 LNG D3 RIN $/mmb
Slide 24: Segments Overview
Segments Overview
Slide 25: Dairy Renewable Natural Gas
Dairy Renewable Natural Gas Overview 1 2 Methane emissions are captured Emissions are cleaned and repurposed at Construction of biomethane digesters at on-site at dairy farms into the atmosphere AMTX owned and operated processing facilities nearby dairy farm locations Digesters are connected by
Slide 26: Renewable Diesel / Jet Fuel
Renewable Diesel / Jet Fuel As a chemically identical replacement for traditional petroleum diesel, RD is poised for growth beyond its current production Overview Advanced Technology Creates RD and SAF While Lowering CI The ‘Carbon Zero’ biorefinery will be located at the former Army Ammunition Pl
Slide 27: California Ethanol Plant
California Ethanol Plant Overview Asset Map Aemetis owns and operates a 65 million gallon per year (MGY) ethanol plant in Keyes, CA − Along with ethanol, the Keyes plant produces high-grade alcohol, CO2, wet distillers grains (“WDG”), distillers corn oil (“DCO”) and condensed distillers solubles (
Slide 28: India Biodiesel
India Biodiesel Overview Asset Map Recently completed upgrades to 50 million gallon India Distilled Biodiesel Plant on East Coast of India − Distilled biodiesel and refined glycerin facility includes waste oil feedstock unit − Biodiesel is marketed and sold primarily to customers in India, primari
Slide 29: Investment Thesis
Investment Thesis 1 Highly Experienced Management Team 2 Diversified Approach to Low-Carbon Fuels 3 Low Execution Risk With Proven Technology 4 Durable Counterparty Relationships De-Risk Business Plan 5 High Visibility to Expansion 6 Favorable Regulatory Tailwinds Support Cash Flow Visibility AEMETI
Slide 30: Appendix
Appendix
Slide 31: Corporate Structure
Corporate Structure Aemetis, Inc. (NASDAQ: AMTX) Aemetis Carbon Aemetis Advanced Capture, Inc. Aemetis Biogas, AE Advanced Aemetis Products Keyes, LLC Fuels, Inc. International, Inc. Inc. Keyes, CA Riverbank, CA Aemetis International Aemetis Biofuels Ltd Facility Keyes, Aemetis Biogas 1, L
Slide 32: LCFS and RIN Credits Calculation
LCFS and RIN Credits Calculation LCFS Calculations Revenue generated from LCFS credits is dependent on a few variables – RNG produced, CI score and LCFS credit price LCFS revenue calculated by multiplying RNG production by total LCFS Credits per MMBtu and LCFS credit price CI scores are verifi
Slide 33: RNG Contracts Overview
RNG Contracts Overview Aemetis leases land from dairy farms in order to build dairy digesters that capture emissions from dairy manure − Aemetis has an exclusive right to the waste produced through the life of the lease (typically 25 years with a 10 year option) − Aemetis owns the infrastructure o
Slide 34: Sustainable Advantage in Low CI Dairy RNG
Sustainable Advantage in Low CI Dairy RNG Key Aemetis Value Drivers LOCATION California pioneered the LCFS market design aimed at reducing transportation-driven greenhouse gas emissions in the state RNG produced from Aemetis’ dairy facilities achieves one of the lowest CI scores attributable to
Slide 35: Low Carbon Fuel Standard ("LCFS")
Low Carbon Fuel Standard (“LCFS”) Program Summary California Performance (Reduction in CI) LCFS and similar programs target a reduction in carbon 2010 2015 2020 2025 2030 intensity (“CI” as measured by the direct and indirect 0% greenhouse gas (“GHG”) emissions produced from Historic Compliance Ta
Slide 36: Renewable Fuel Standard ("RFS")
Renewable Fuel Standard (“RFS”) Program Summary RFS Overview Enacted by Congress in 2005, the RFS program establishes minimum renewable volumes to be blended into traditional Renewable Fuel Standard Volume Requirements (12/19/2019) petroleum-based fuel products Fuel Type (Bgal) 2017 2018 2019 2020