Aemetis Inc (NASDAQ: AMTX) is a renewable fuels company that produces and sells low and negative carbon intensity fuels across three reportable segments: California Ethanol, California Dairy Renewable Natural Gas, and India Biodiesel. Revenue comes from selling ethanol, renewable natural gas, biodiesel, and associated animal feed co-products, with additional income from federal and California carbon credits including D3 RINs, LCFS credits, and Section 45Z Production Tax Credits. Founded in 2006 and headquartered in Cupertino, California, the company operates a 65 million gallon per year ethanol plant in Keyes, California, a dairy digester and RNG pipeline network in California's Central Valley, and a biodiesel plant in Kakinada, India. The business is heavily dependent on government incentive programs, including the federal Renewable Fuel Standard, California's Low Carbon Fuel Standard, and Inflation Reduction Act tax credits. Aemetis is also developing a sustainable aviation fuel and renewable diesel plant at the Riverbank Industrial Complex in Riverbank, California, designed for 90 million gallons per year of renewable diesel or 78 million gallons per year of SAF.

Revenue model

Transactional sales of ethanol, renewable natural gas, biodiesel, and co-products (Wet Distillers Grains, Distillers Corn Oil, Condensed Distillers Solubles, refined glycerin), supplemented by monetization of carbon credits including D3 RINs, LCFS credits, and Section 45Z Production Tax Credits under the Inflation Reduction Act.

Products and services

Ethanol (California, 65 million gallon per year nameplate capacity as of FY2025 10-K); Renewable Natural Gas with D3 RINs and LCFS credits (California dairy digesters); Biodiesel and refined glycerin (Kakinada, India); animal feed co-products including Wet Distillers Grains, Distillers Corn Oil, and Condensed Distillers Solubles sold to local dairies and feedlots; CO2 capture at the Keyes Plant; sustainable aviation fuel and renewable diesel plant in development at Riverbank, CA (permits received 2023-2024); Carbon Capture and Underground Sequestration facility in development at Riverbank, CA.

Customers and end markets

More than 80 local dairies and feedlots in California's Central Valley purchasing animal feed co-products (WDG, DCO, CDS) as of the FY2025 10-K filing. End markets include transportation fuel (ethanol, RNG, biodiesel), agriculture (animal feed), and beverage producers (alcohol). India operations supply biodiesel under India's National Policy on Biofuels.

Value-chain role

Vertically integrated renewable fuel producer: procures agricultural feedstocks (corn via J.D. Heiskell Holdings agreement; vegetable and animal oils for planned SAF/RD plant; dairy waste from Central Valley dairies), converts them into fuels and co-products, and sells output directly to end markets while generating and monetizing carbon and renewable fuel credits.

Geographic exposure

United States (California: Keyes ethanol plant, Central Valley dairy RNG network, Riverbank development site); India (Kakinada biodiesel plant). Headquartered in Cupertino, California.

Source: SEC 10-K, filed 2026-03-16

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