First Read: Aemetis Inc "CPCFA Adopts Initial Resolution Up to $1.1B for..."

Research evidence excerpt

First Read: Aemetis Inc "CPCFA Adopts Initial Resolution Up to $1.1B for..."

Global Research

21 May 2026ab

First Read

EquitiesAemetis Inc

CPCFA Adopts Initial Resolution Up to $1.1B for United States

AMTX Financing Chemicals, Specialty

12-month rating Buy *

12m price target US$3.00

What Happened

AMTX announced that the Capital Programs & Climate Financing Authority (CPCFA) in

California has adopted an Initial Resolution related to potential future issuance of up to Price (20 May 2026) US$2.15

$1.1B of tax-exempt bonds for AMTX projects. Adoption of the Initial Resolution meets RIC: AMTX.O BBG: AMTX US

federal tax requirements so that funds from any tax-exempt bonds issued by CPCFA can

Trading data and key metrics

be used for qualified costs of AMTX projects incurred after the date of the resolution and

for certain prior development costs. 52-wk range US$3.66-1.32

Market cap. US$0.14b

Potential Projects Shares o/s 66.5m (COM)

Projects covered by the Initial Resolution include construction of more than 40 additional Free float 85%

dairy digesters and biogas pipeline connections to the company's RNG production Avg. daily volume ('000) 1,705

facility in Keyes, California, as well as underground CO2 sequestration and SAF/ Avg. daily value (m) US$4.6

RD production under development in Riverbank, California. Common s/h equity (12/26E) US$-0.36b

P/BV (12/26E) NM

Currently, AMTX Biogas operates 12 anaerobic digesters, 36 mile biogas collection Net debt to EBITDA (12/26E) 25.9x

pipeline; a central biogas-to-RNG production facility in Keyes, California; and an EPS (UBS, diluted) (USD)

interconnect unit to deliver RNG into the PG&E utility gas pipeline. More than 50 dairies 12/26E

are contracted to supply waste to the dairy digesters network, and AMTX supplies ~80 UBS Cons.