Aemetis, a renewable energy company, reported a 43% increase in annual revenues to $268 million for 2024, driven by growth across its California ethanol, India biodiesel, and renewable natural gas businesses. The company achieved notable milestones during the year, including a 33% increase in India biodiesel production capacity from 60 million gallons per year to 80 million gallons per year. California ethanol annual revenues surged 55% to $162 million, while Aemetis Biogas saw a remarkable 139% increase in annual revenues.
Key achievements for the year included the installation of a $12 million solar microgrid with battery storage at the California ethanol plant, which is expected to reduce energy costs and carbon intensity. The company also received a $10.5 million allocation in IRA Section 48C Tax Credits for installing a Mechanical Vapor Recompression system at its ethanol plant. In the renewable natural gas sector, Aemetis completed construction of four new dairy digesters, bringing its total operational and near-operational digesters to twelve. These digesters are projected to have a production capacity of 550,000 MMBtu of renewable natural gas per year.
The company's strategic focus on expanding domestic, lower-cost energy solutions aims to provide revenues to farmers and strengthen rural areas. Eric McAfee, Chairman and CEO, highlighted the potential policy support from the White House and Congress for their growth plans. Financial results for the year showed a net loss of $87.5 million, compared to $46.4 million in 2023. Despite the loss, the company continued to invest $20.3 million in low-carbon initiatives, expanding property, plant, and equipment.
Looking forward, Aemetis is developing a sustainable aviation fuel and renewable diesel production facility at the Riverbank Industrial Complex, with a planned capacity of 90 million gallons per year. The company has also initiated the generation and sale of California Low Carbon Fuel Standard credits through its Renewable Natural Gas business. This expansion reflects the growing importance of renewable energy solutions in reducing carbon emissions and creating sustainable economic opportunities in the agricultural and energy sectors.
