Aemetis received $22.4 million from selling Section 45Z Clean Fuel Production Tax Credits generated in 2026. The credits came from ethanol and renewable natural gas (RNG) production, with stated values of about $0.33 per gallon of ethanol and $62 per MMBtu of RNG before sale discounts and transaction costs. The values are based on a September 8 DOE update to the 45ZCF-GREET model that includes dairy manure anaerobic digestion pathways and allows ethanol producers to count low-carbon corn grown with regenerative practices. Aemetis expects its ethanol credit value per gallon to rise once the use of low-carbon corn is fully documented. The company sees 45Z credits as a recurring cash flow source and plans to expand production volumes and energy efficiency projects. The sale follows a Q2 filing that recognized $8.6 million in Section 45Z credits, marking a distinct monetization step. The CEO also urged Treasury and DOE to allow qualification of all emissions captured from expanding dairy and farm operations, which could broaden future eligibility.
