Aemetis Begins Operation of Two New Biogas Digesters

The expanded network is expected to produce about 600,000 MMBtu of renewable natural gas annually.

Rhea-AI Summary

Aemetis (AMTX) has completed construction and started operating two additional dairy biogas digesters through its Aemetis Biogas subsidiary. Its network now includes 14 digesters receiving manure from 17 dairy facilities, expected to produce about 600,000 MMBtu per year of renewable natural gas (RNG). Aemetis has signed agreements with 50 dairies to install digesters.

The company expects to finish its first RNG fueling station in Keyes, California, in the next few weeks, with truck-fleet deliveries scheduled for November 2026. It plans to sell fuel for less than $2 per diesel gallon equivalent. Seven Low Carbon Fuel Standard pathways are approved, with six more nearing approval. Aemetis Biogas generated $22.8 million in Section 45Z tax credits through August 2026, yielding $62 of revenue per MMBtu from tax-credit sales. California low-carbon fuel credit prices rose from $42 in July 2025 to approximately $90 in October 2026.

10 points · 0 major

PositiveiHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointTwo additional dairy biogas digesters are completed and operating, expanding Aemetis Biogas production.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed agreements with 50 dairies support further digester installations.
• Moderate pointSection 45Z tax credits generated through August 2026 totaled $22.8 million, yielding $62 revenue per MMBtu from sales.
• Minor point. Forward-looking: it has not happened yet and may not happen.The operating network's 14 digesters receive manure from 17 facilities, with expected output of about 600,000 MMBtu annually.
• Minor point. Forward-looking: it has not happened yet and may not happen.Equipment already received is expected to reduce construction time for the next 12 digester installations.

5 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Aemetis expects its first RNG station completed in the next few weeks; deliveries are scheduled for November 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Aemetis plans truck-fleet fuel sales at less than $2 per diesel gallon equivalent.
• Minor pointSeven approved Low Carbon Fuel Standard pathways support the biogas network.
• Minor pointDairy RNG generates 11.7 D3 RINs per MMBtu; these federal fuel credits currently sell for $2.05 each.
• Minor pointCalifornia low-carbon fuel credit prices rose to approximately $90 in October 2026 from $42 in July 2025.

Negative

• Minor pointSix additional biogas pathways are nearing approval but are not yet approved.

News Explained

The two operating digesters use two of the 14 cleanup-and-compression systems Aemetis says it has purchased and received; the 12 remaining units are expected to reduce construction time for the next 12 digester installations.

Key Figures

New digesters operational: 2 digesters Operating dairy digesters: 14 digesters Expected RNG production: About 600,000 MMBtu per year +4 more

New digesters operational

2 digesters

Construction completed and operation started

Operating dairy digesters

14 digesters

Aemetis biogas network

Expected RNG production

About 600,000 MMBtu per year

Expected output from 17 dairy facilities

Cleanup and compression systems

2 of 14 systems

Two systems used by the new digesters; all 14 were purchased and received

Next digester installations

12 installations

Remaining inventory expected to reduce construction time

Dairy agreements

50 dairies

Agreements signed to install digesters

RNG fueling station deliveries

November 2026

Truck fleet deliveries scheduled to begin

Key Terms

renewable natural gas (rng), mmbtu, d3 rins, low carbon fuel standard, +1 more

5 terms

renewable natural gas (rng) technical

"expected to produce about 600,000 MMBtu per year of renewable natural gas (RNG)"

Renewable natural gas (RNG) is a fuel made by capturing methane released from organic waste—like landfills, farms, or wastewater—and cleaning it so it can replace conventional natural gas. Think of it as recycled gas: it turns waste into a usable energy product that can be sold, piped, or used as vehicle fuel. Investors care because RNG projects create predictable revenue streams, often qualify for subsidies or carbon credits, and reduce regulatory and market risk tied to emissions, affecting long-term cash flow and asset value.

mmbtu technical

"about 600,000 MMBtu per year of renewable natural gas (RNG)"

A MMBtu is a unit of energy equal to one million British thermal units, commonly used to measure natural gas and other fuel quantities for trading and contracts. For investors, it translates raw energy into a standardized price metric—think of it like gallons for gasoline—so changes in the MMBtu price affect producer revenues, utility costs, commodity derivatives, and the profitability of energy-related investments.

d3 rins regulatory

"federal Renewable Fuel Standard (RFS) D3 RINs"

D3 RINs are tradable compliance credits issued under the U.S. renewable fuels program for cellulosic biofuels produced from non-food plant or waste materials, each representing a gallon-equivalent of renewable fuel. They matter to investors because their supply and market price directly affect the revenue and costs of fuel producers, biofuel refiners and agricultural suppliers—think of them as coupons that prove and monetize the use of a specific renewable fuel, influencing margins and cash flow.

low carbon fuel standard regulatory

"With seven approved Low Carbon Fuel Standard pathways"

A low carbon fuel standard is a government rule that requires fuels to get cleaner over time by lowering the amount of greenhouse gas released per unit of energy. Think of it like a mileage test for fuels: producers who beat the target earn tradable credits, while those who fall short must buy credits or pay penalties. Investors care because the rule shifts costs and profits across fuel producers, creates new revenue from credits, and speeds demand for cleaner technologies and alternatives.

carbon intensity technical

"collectively averaging a negative 328 carbon intensity"

Carbon intensity measures how much greenhouse gas a company, product, or activity produces for each unit of output — for example per unit of product made, per megawatt-hour of electricity, or per dollar of revenue. Think of it like miles per gallon but for emissions: lower numbers mean less pollution for the same activity. Investors watch it because higher carbon intensity can signal increased regulatory costs, shifting customer demand, and higher risk of assets losing value as economies move toward cleaner energy.

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CUPERTINO, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a diversified renewable natural gas and biofuels company, announced today that its Aemetis Biogas subsidiary has completed construction and started operation of two additional dairy biogas digesters as part of the company’s biogas production network.

Aemetis now operates 14 dairy digesters that receive manure feedstock from 17 dairy facilities that are expected to produce about 600,000 MMBtu per year of renewable natural gas (RNG). Biogas produced at the digesters is transported by 36 miles of Aemetis pipeline to a central biogas-to-RNG production facility in Keyes, California, which delivers RNG into the PG&E utility gas pipeline. Aemetis has signed agreements with a total of 50 dairies in the area to install digesters.

“Adding two new dairy biogas digesters represents continued progress on the expansion of dairy RNG production, reusing waste products from California’s large dairy industry and providing a valuable biofuel to replace expensive diesel,” stated Eric McAfee, Chairman and CEO of Aemetis. “We appreciate the strong support of our dairies and construction firms as we continue to build out the network, further increasing revenue in the Aemetis Biogas segment.”

The new digesters use two of the fourteen biogas cleanup and compression systems that Aemetis has purchased and received from NPL Construction, a subsidiary of Centuri Holdings, Inc. (NYSE: CTRI), an infrastructure services contractor. The remaining units in Aemetis’ inventory will significantly reduce the project construction time required for the next 12 digester installations.

Aemetis also expects to complete the construction of its first RNG fueling station in Keyes, California in the next few weeks, with deliveries to truck fleets scheduled to begin in November 2026.

“The Aemetis Biogas Central Digester Project continues to expand, producing low-cost fuel that Aemetis plans to sell to truck fleets for less than $2 per diesel gallon equivalent in California, where diesel prices exceed $7 per gallon,” added McAfee. “With seven approved Low Carbon Fuel Standard pathways and six more biogas pathways nearing approval, collectively averaging a negative 328 carbon intensity, we expect to continue to grow biogas revenues while supporting the domestic production of renewable energy, job creation, and local economic development.”

Dairy RNG sold in California generates four revenue streams: sales of pipeline-quality renewable natural gas; federal Section 45Z tax credits; federal Renewable Fuel Standard (RFS) D3 RINs; and LCFS credits. Aemetis Biogas has generated $22.8 million of Section 45Z tax credits as of the end of August 2026, resulting in $62 of revenue per MMBtu of dairy RNG from the sale of the tax credits.

The number of federal D3 RINs generated each month increases as dairy RNG production rises. Every MMBtu of dairy RNG produces 11.7 D3 RINs, which are currently selling at $2.05 per RIN. These RINs are purchased by oil companies and other obligated parties to comply with the federal RFS that was passed into law in 2007.

California LCFS credit prices have increased from $42 per credit in July 2025 to approximately $90 in October 2026, with ongoing quarterly program deficits expected to continue to drive credit prices upward as the inventory of excess LCFS credits decreases.

Contacts

Investor Relations:
Todd Waltz
(408) 213-0940
investors@aemetis.com

Media:
Lisa Gibson
(701) 610-1172
lisa.gibson@sageandstonestrategies.com

About Aemetis

Headquartered in Cupertino, California, Aemetis is a diversified renewable natural gas and biofuels company focused on the development and operation of innovative technologies that lower energy costs and reduce emissions. Founded in 2006, Aemetis is operating and 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 owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. To utilize the byproducts from ethanol production, Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction and operation of the Aemetis ethanol, renewable natural gas, biodiesel and other biofuel facilities; our ability to promote, develop, finance, and construct facilities to produce ethanol, renewable natural gas, biodiesel, other biofuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

FAQ

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How much renewable natural gas does Aemetis expect its expanded digester network to produce?

Aemetis expects its network to produce about 600,000 MMBtu per year of renewable natural gas. The network now operates 14 dairy digesters receiving manure feedstock from 17 dairy facilities, following the startup of two additional digesters.

When will Aemetis begin RNG deliveries from its first fueling station?

Truck-fleet deliveries from Aemetis' first RNG fueling station in Keyes, California, are scheduled to begin in November 2026. The company expects construction to finish in the next few weeks and plans to sell fuel for less than $2 per diesel gallon equivalent.

What equipment has Aemetis secured for future dairy digester installations?

Aemetis has purchased and received 14 biogas cleanup and compression systems from NPL Construction, a subsidiary of Centuri Holdings. Two systems serve the newly operating digesters. Aemetis expects the remaining inventory to reduce construction time for the next 12 digester installations.

How does Aemetis transport biogas from its dairy digesters?

Biogas travels through 36 miles of Aemetis pipeline to a central biogas-to-RNG production facility in Keyes, California. That facility delivers renewable natural gas into the PG&E utility gas pipeline.