Aemetis receives $6M cash for sale of IRA tax credits

In California, Aemetis, Inc. announced the receipt of $6 million of cash, after transaction costs, from the sale of $7.7 million of Inflation Reduction Act (IRA) investment tax credits generated by the construction of dairy biogas digesters by the Aemetis Biogas subsidiary of the company. The investment tax credits were sold to a corporate purchaser that had previously agreed to purchase the tax credits as a part of a multi-closing purchase arrangement.

The Aemetis Keyes ethanol plant supplies about two million pounds of animal feed daily to feed more than 100,000 dairy cows at about 80 dairies in the local area. To capture methane at dairies and produce renewable natural gas (RNG), Aemetis is operating twelve dairy digesters, 36 miles of biogas pipeline, a central biogas to RNG production facility, and a PG&E utility gas pipeline interconnection. Aemetis expects to produce 550,000 MMBtu of RNG per year from its existing projects combined with those planned for completion in Q2.