Fuel to be delivered to San Francisco International Airport

CUPERTINO, CA - (NewMediaWire) - March 25, 2022 - Aemetis, Inc. (NASDAQ: AMTX), a renewable fuels company focused on negative carbon intensity products, announced today that an offtake agreement has been signed with oneworld Alliance airline member Finnair for 17.5 million gallons of blended sustainable aviation fuel (“SAF”) to be delivered over the 7 year term of the agreement.  The value of the contract including incentives is approximately $70 million.

Sustainable aviation fuel provides significant environmental benefits compared to petroleum jet fuel, including a lower lifecycle carbon footprint and reduced contrails. The blended sustainable aviation fuel to be supplied under this agreement is 40% SAF and 60% Petroleum Jet A to meet international blending standards. 

“Finnair has set an ambitious long-term target to fly carbon neutral in 2045 and SAF is an important part of the toolkit for reaching this target. Supporting SAF adoption is key to boosting the supply and demand for SAF and for increasing its usage in commercial aviation. The agreement also underlines the oneworld Alliance’s commitment to collectively source SAF,” says Eveliina Huurre, SVP Sustainability at Finnair.

The sustainable aviation fuel is expected to be produced by the Aemetis renewable jet/diesel plant under development on a 125 acre former U.S. Army Ammunition production plant site in Riverbank, California. The blended sustainable aviation fuel is scheduled to begin deliveries to Finnair in 2025.

“The supply of sustainable aviation fuel to Finnair is a part of $2 billion of contracts with oneworld Alliance members to reduce the environmental impact of aviation,” stated Eric McAfee, Chairman and CEO of Aemetis. “Our production of low carbon aviation fuel in California is made possible by the historical success of the California Low Carbon Fuel Standard, creating new investment and jobs in disadvantaged minority communities in the state.” 

Powered by 100% renewable electricity, the Aemetis Carbon Zero production plant at the Riverbank plant site is designed to sequester CO2 from the production process using injection wells, significantly reducing the carbon intensity of the renewable fuel.

About Aemetis

Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today’s infrastructure. 

Aemetis Carbon Zero products include zero carbon fuels that can “drop in” to be used in airplane, truck, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle. 

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions.  Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis also owns and operates a 50 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe.  Aemetis is developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals.  For additional information about Aemetis, please visit www.aemetis.com. 

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