Renewable energy company Aemetis announced a 43% increase in annual revenues, reaching $268 million for the year 2024. This growth was propelled by significant advancements in its California ethanol, India biodiesel, and renewable natural gas sectors. The company's India biodiesel production capacity saw a 33% increase, expanding from 60 million gallons per year to 80 million gallons per year. Meanwhile, California ethanol revenues jumped 55% to $162 million, and Aemetis Biogas experienced a 139% surge in annual revenues.
Key developments in 2024 included the installation of a $12 million solar microgrid with battery storage at the California ethanol plant, aimed at reducing energy costs and carbon intensity. Additionally, Aemetis secured a $10.5 million allocation in IRA Section 48C Tax Credits for the installation of a Mechanical Vapor Recompression system at its ethanol plant, marking a significant step towards energy efficiency.
In the renewable natural gas domain, Aemetis completed the construction of four new dairy digesters, increasing its total operational and near-operational digesters to twelve. These facilities are expected to produce 550,000 MMBtu of renewable natural gas annually, contributing to the company's commitment to lower-cost, domestic energy solutions. Eric McAfee, Chairman and CEO of Aemetis, emphasized the potential for policy support from the White House and Congress to further the company's growth initiatives.
Despite reporting a net loss of $87.5 million for the year, compared to $46.4 million in 2023, Aemetis continued its investment in low-carbon projects, allocating $20.3 million towards expanding its property, plant, and equipment. Looking ahead, the company is focusing on the development of a sustainable aviation fuel and renewable diesel production facility at the Riverbank Industrial Complex, with a planned capacity of 90 million gallons per year. The initiation of California Low Carbon Fuel Standard credits generation and sales through its Renewable Natural Gas business underscores Aemetis's dedication to sustainable energy solutions.
