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Aemetis Inc secures US$158mln USDA loan for biofuel plant construction

The California biofuel plant is expected to open in 2019

Hand filling up car gas tank
The renewable fuel has low levels of carbon

Aemetis Inc (NASDAQ: AMTX) secured a United States Department of Agriculture loan guarantee for US$158mln to construct a cellulosic ethanol plant in California.

The industrial biotech company will turn the waste orchard wood that causes air pollution in Califonia's central valley into a renewable biofuel.

"It solves a health crisis. It also produces a very low-carbon fuel, actually a negative-carbon fuel, which is something that is very valuable in California," said CEO Eric McAfee.

The plant is expected to open in 2019.

The biotech company has a facility in India as well, making it one of the only five biodiesel producers in the country.

Shares of Aemetic Inc were up 9.4% Tuesday afternoon.

Aemetis Inc will present at the New York City Microcap Conference on April 9 and 10.

Quick facts: Aemetis Inc

Price: 0.8443 USD

NASDAQ:AMTX
Market: NASDAQ
Market Cap: $17.46 m
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