Aemetis, Inc · NASDAQ:AMTX
Aemetis — Investor Presentation (June 2021)
37 slides from Aemetis's investor presentation, Jun 9, 2021
Slide 1: Leading the Production of Below Zero Carbon Intensity Renewable Natural Gas and Renewable 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 June 9, 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 CI Hydrogen from pet
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 (CI) renewable fuel
Slide 7: Aemetis Overview
Aemetis Overview Below Zero Carbon Dairy RNG and Biofuels Projects Planned Key Facts − Dairy Renewable Natural Gas (dRNG) Project in Central California to as of April 2021 produce RNG with carbon intensity of -426 under California LCFS program Symbol NasdaqGM: AMTX • Phase I Completed: Two dairy d
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: 35% CAGR Revenues
Aemetis Projected Revenue Growth by Business Unit $1,200.0 $1.07B 35% CAGR $1,000.0 REVENUES $783M $800.0 $600.0 $507M $400.0 $333M $238M $200.0 $0.0 2021 2022 2023 2024 2025 California Ethanol India Biodiesel Dairy RNG Jet/Diesel with Below Zero CI Hydrogen 1. The information on this slide constitu
Slide 10: 109% CAGR EBITDA
Aemetis Projected EBITDA Growth by Business Unit $400.0 109% CAGR $325M EBITDA $350.0 $300.0 $250.0 $214M $200.0 $124M $150.0 $100.0 $55M $50.0 $8M $0.0 2021 2022 2023 2024 2025 ($50.0) California Ethanol India Biodiesel Dairy RNG Jet/Diesel with Below Zero CI Hydrogen 1. The information on this sli
Slide 11: Revenue and Adjusted EBITDA Growth Plan
Revenue and Adjusted EBITDA Growth Plan Projected Consolidated Revenues, Net Income and EBITDA Summary 1 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
Slide 12: Net Income to EBITDA Reconciliation
Net Income to EBITDA Reconciliation Projected Consolidated Net Income to Adjusted EBITDA Reconciliation 1 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 7.9 16.2 26.4 35.8 Stock compensation 0.9 0.7 0.7 0.7 0.7 Service stock 0.0
Slide 13: Plan for Revenue and Earnings Growth: California Ethanol Plant
Plan for Revenue and Earnings Growth: California Ethanol Plant Ethanol Plant Upgrades To Reduce Carbon Intensity ZEBREXTM Mitsubishi ceramic membrane Solar Array with Battery Zero carbon dehydration system reduces petro natural gas Storage (2021) electricity use by 20% (2021) and replaces with elect
Slide 14: Aemetis Biogas: Negative Carbon Intensity Dairy Renewable Natural Gas
Aemetis Biogas: Negative Carbon Intensity Dairy Renewable Natural Gas for Trucks, Biofuels Production and Electric Vehicles 14
Slide 15: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project
Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project Aemetis Dairy RNG Digesters, Pipeline, Gas Cleanup and Utility Interconnection Project Constructing biomethane digesters at dairies connected by pipeline to a gas cleanup and compression facility at existing Aemetis ethanol plant
Slide 16: Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project
Plan for Revenue and Earnings Growth: Below Zero CI Dairy RNG Project $102 million dRNG Project Funding Plan for Phase I (Completed) and Phase II Automatically-redeemed preferred equity for $30 million (already funded) $23 million of California grants awarded for digesters, gas cleanup and inter
Slide 17: Sustainable Advantage in Below Zero Carbon Intensity Dairy RNG
Sustainable Advantage in Below Zero Carbon Intensity Dairy RNG Aemetis has established a significant competitive advantage with -426 CI dairy Renewable Natural Gas in CA − California passed Senate Bill 1383 to cause dairies to capture methane from dairy waste lagoons or buy LCFS credits to offset
Slide 18: Aemetis Carbon Capture: Carbon Capture & Sequestration of CO2
Aemetis Carbon Capture: Carbon Capture & Sequestration (CSS) of CO2 for Renewable Fuels Plants and Refineries in California 18
Slide 19: Aemetis Carbon Capture and Sequestration Projects in California
Aemetis Carbon Capture and Sequestration Projects in California Formerly an inland ocean now known as the Central Valley of California − Light green area shows shale geological storage containing saline water for CCS − Shale caprock layer at approximately 7,000 ft depth and basement layer below CO
Slide 20: Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects
Ethanol Plants are Largest Reduction in Costs = Highest Value CCS Projects 20
Slide 21: Emission Comparison and Capture Cost
Emission Comparison and Capture Cost • Decreased Capture Cost with Pre- existing On Site CO2 Compression system • Inverse relationship between plant emissions and storage capability • Highest Emitters lack the geological positioning • Aemetis has ability to receive CO2 by rail and inject into well 2
Slide 22: Sustainability
Sustainability: FIGURE 3-15 GENERAL BUSINESS CONFIGURATION OF AN ETHANOL PRODUCTION FACILITY WITH CARBON CAPTURE AND CO-LOCATED STORAGE & Investor cash Flow ($MM) g 0) a | = i mar Lcrs Lces Market ® intial caprtal ts made available to the ProjectCo from investors. ® ‘This includes tax equity Investo
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 mor
Slide 24: Aemetis Carbon Zero Renewable Fuels Plants
Aemetis “Carbon Zero” Renewable Fuels Plants: Renewable Jet/Diesel Fuel Produced Using Negative CI Cellulosic Hydrogen and Zero CI Electricity 24
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 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 26
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 world
Slide 28: Carbon Zero Renewable Jet/Diesel Plants using Cellulosic Hydrogen
“Carbon Zero” Renewable Jet/Diesel Plants using Cellulosic Hydrogen Feedstock Gasification Syngas to Hydrogen Feedstock Syngas converted to -80 Below Zero CI Electricity Cellulosic Hydrogen Syngas Byproduct Biomass Feedstock (Negative CI) Zero Carbon Intensity • Orchard Wood Waste Electricity from •
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 Plants1 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 COGS 2.6 3.4 85.5 209.2 354.0 SG&A 0.6 0.5 1.3 1.7 1
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 1. Subject to revision pursuant to project development and permitting requirements 31
Slide 32: Riverbank: Aemetis Awarded Exclusive Right to Acquire Site
Riverbank: Aemetis Awarded Exclusive Right to Acquire Site • Existing 55-year lease is signed, enabling full project development • Final Master Developer Agreement expected to be signed Q3 2021 • Aemetis purchase of the 142 acre Riverbank site included in MDA 32
Slide 33: InEnTec Gasifier Produces Negative Carbon Intensity Cellulosic Hydrogen
InEnTec Gasifier Produces Negative Carbon Intensity Cellulosic Hydrogen 33
Slide 34: Aemetis International: India Distilled Biodiesel and Refined Glycerin Plant
Aemetis International: India Distilled Biodiesel and Refined Glycerin Plant 34
Slide 35: 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 35
Slide 36: Aemetis Below Zero Carbon Products are the Leading LCFS Fuels Categories
Aemetis Below Zero Carbon Products are the Leading LCFS Fuels Categories Aemetis is a diversified renewables company producing low and negative carbon intensity fuels: - Low Carbon Renewable Ethanol, Biodiesel and Dairy RNG Production expanding with “Carbon Zero” Jet/Diesel/Hydrogen plants, as wel
Slide 37: Aemetis, Inc. (Nasdaq: AMTX)
Aemetis, Inc. (Nasdaq: AMTX) Eric McAfee, Chairman/CEO [email protected] 37