In California, Aemetis Biogas completed $1.6 million in sales of California Low Carbon Fuel Standard (LCFS) credits and federal D3 Renewable Identification Numbers (D3 RINs) during April 2025. The LCFS credits for Q4 2024 were generated at a default carbon intensity of -150. A pending application for seven digesters is expected to receive approval for pathways averaging lower than -350 carbon intensity, which would increase the number of LCFS credits generated by over 120%. Production and revenues from dairy Renewable Natural Gas (RNG) are growing, with four additional dairies expected online this quarter. CEO Eric McAfee anticipates that the expected adoption of long-term low carbon biofuel mandates by CARB will rapidly increase LCFS credit values. Aemetis Biogas has agreements with 50 dairies, operates 11 digesters, and has installed 36 miles of pipeline. Dairy RNG generates revenue from fuel sales, LCFS credits, D3 RINs, and federal tax credits.
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