Aemetis, a leader in renewable energy, has reported a substantial 43% increase in annual revenues, reaching $268 million in 2024. This growth was fueled by advancements in its California ethanol, India biodiesel, and renewable natural gas sectors. The company's India biodiesel production capacity saw a 33% increase, expanding from 60 million gallons per year to 80 million gallons per year. Meanwhile, California ethanol revenues experienced a 55% surge, totaling $162 million, and Aemetis Biogas revenues skyrocketed by 139%.
Key developments in 2024 included the installation of a $12 million solar microgrid with battery storage at the California ethanol plant, aimed at reducing energy costs and carbon intensity. Additionally, Aemetis was awarded a $10.5 million allocation in IRA Section 48C Tax Credits for the installation of a Mechanical Vapor Recompression system at its ethanol plant, further underscoring its commitment to sustainable energy solutions.
In the renewable natural gas domain, Aemetis completed the construction of four new dairy digesters, increasing its total to twelve operational and near-operational digesters. These facilities are expected to produce 550,000 MMBtu of renewable natural gas annually. The company's strategy focuses on expanding domestic, cost-effective energy solutions to support farmers and bolster rural economies. Eric McAfee, Chairman and CEO, emphasized the potential for policy support from the White House and Congress to facilitate these growth initiatives.
Despite a net loss of $87.5 million in 2024, compared to $46.4 million the previous year, Aemetis continued to invest heavily in low-carbon projects, with $20.3 million directed towards expanding its property, plant, and equipment. Looking ahead, the company is developing a sustainable aviation fuel and renewable diesel production facility at the Riverbank Industrial Complex, with a planned annual capacity of 90 million gallons. Furthermore, Aemetis has begun generating and selling California Low Carbon Fuel Standard credits through its Renewable Natural Gas business, marking another step forward in its mission to lead the renewable energy sector.
