CUPERTINO, Calif., July 23, 2014 (GLOBE NEWSWIRE) -- Aemetis, Inc. (Nasdaq:AMTX) today announced that the company received a $3 million matching grant award from the California Energy Commission (CEC) Alternative and Renewable Fuel and Vehicle Technology Program (ARFVTP). This award comes as a result of the Company's "Low-Carbon Sorghum Ethanol Project" application to the "Pilot-Scale and Commercial-Scale Advanced Biofuels Production Facilities" grant solicitation (PON-13-609) released by the CEC earlier this year.
The project's goals are to support the production of biofuels using grain sorghum as a feedstock, reduce the Carbon Intensity (CI) of Aemetis' fuel ethanol, help develop a local California sorghum growing program and related supply chain, and to support new technologies that support lower CI transportation fuels.
In 2013, Aemetis processed more than 84 million pounds of grain sorghum into ethanol at its 60 million gallon per year Keyes, California biorefinery. In August 2013, Aemetis was approved by the US EPA for the issuance of D5 Advanced Biofuels RIN's for ethanol produced from grain sorghum and biogas using the Combined Heat & Power (CHP) system that is already operational at the Keyes plant.
"Aemetis is pleased to be working with the CEC to expand the use of lower-carbon, advanced feedstocks for biofuel production," said Andy Foster, President of Aemetis Advanced Fuels, a subsidiary of Aemetis, Inc. "This funding supports our use of grain sorghum as a key feedstock, lowers the CI for our sorghum-based ethanol, and encourages the expansion of a California-based growing program."
Funding is contingent upon approval of the project at a business meeting of the CEC, and execution of a grant agreement.
Headquartered in Cupertino, California, Aemetis is an advanced fuels and renewable chemicals company that was founded in 2006. Aemetis owns and operates a 60 million gallon capacity ethanol and 420,000 ton animal feed plant in California that is the first upgraded facility approved by the EPA to produce D5 Advanced Biofuels using the sorghum/biogas/CHP pathway. Aemetis also built, owns and operates a 50 million gallon capacity renewable chemicals and advanced fuels production facility on the East Coast of India producing high quality, distilled biodiesel and refined glycerin for customers in Europe and Asia. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds five granted patents on its Z-microbe and related technology for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This press release 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 news release, include without limitation, statements regarding the ability of our Low-Carbon Sorghum Ethanol Project to support the production of biofuels using grain sorghum as a feedstock, reduce the carbon intensity (CI) of our fuel ethanol, help develop a local California sorghum growing program and related supply chain, and to support new technologies that support lower carbon intensity transportation fuels. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will likely result," "will continue" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, a failure of the CEC to fund the grant, competition in the ethanol and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks associated with the conversion of the Keyes plant to the use of sorghum for ethanol production; and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013, and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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