AMTX - Aemetis Approved by USCIS for $200 million of EB-5 Investment in Biogas SAF and Carbon Sequestration Projects | Benzinga
CUPERTINO, CA , March 21, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Aemetis, Inc. (NASDAQ:AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced approval by U.S. Citizenship and Immigration Services (USCIS) of $200 million of EB-5 program investment for the Riverbank sustainable aviation fuel (SAF) production plant, the dairy renewable natural gas (RNG) project, the carbon sequestration project, and energy efficiency upgrades to the Keyes ethanol plant.
The Riverbank plant was recently granted Authority to Construct (ATC) air permits and is designed to produce 78 million gallons per year of SAF for the aviation market. Aemetis has already secured more than $3 billion of contracts to supply airlines with SAF.
"This $200 million of funding provides attractive terms at a low interest rate to fund our projects, including the dairy renewable natural gas project and the sustainable aviation fuel plant to meet rapidly increasing global demand for SAF from airlines," said Eric McAfee, Chairman and CEO of Aemetis. "This EB-5 funding, the 20-year USDA guaranteed loans, and other financings support the continued growth of the company as set forth in the Aemetis Five Year Plan," McAfee added.
According to the determinations made by the USCIS, the Regional Center presented evidence asserting that 245 qualified investors will invest $200 million in EB-5 capital into Advanced Bioenergy II, the new commercial enterprise (NCE). The NCE will invest in Aemetis Advanced Products Keyes, the job creating entity (JCE). The JCE intends to expand the existing 65 million gallon per year Aemetis ethanol plant in Keyes, California by the engineering, permitting, construction and operation of: 1) upgrades to the ethanol plant for improved energy efficiency ...