Aemetis Inc. (NASDAQ: AMTX) stock surged by 1.87% at last close while the AMTX stock-price gains by 3.10% in the pre-market trading session. Aemetis is on a quest to replace carbon-intensive transportation fuels with renewable energy. Aemetis has established the Carbon Zero manufacturing process, which aims to decarbonize the transportation industry utilizing existing infrastructure.
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New research found that at two ethanol plant sites in California, more than 2 million metric tonnes of CO2 can be securely extracted from the atmosphere and infused back into the ground. Aemetis funded the research. Baker Hughes, a worldwide energy services business with operations in 120 countries, performed the Carbon Capture & Sequestration geologic formation evaluation and drilling study for Aemetis Carbon Capture, a subsidiary of Aemetis.
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According to the Baker Hughes research, salt deposits deep down at or near the Aemetis Keyes ethanol project location can store 1.0 million MT of CO2 per year. Due to the excellent permeability of the saline formation and other variables, the research concluded that up to 1.4 million MT of CO2 per year may be injected at or near the Aemetis Riverbank location.
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At the two Aemetis biofuels plant locations in Keyes and Riverbank, California, the Aemetis Carbon Capture CCS program is projected to collect and store more than 2 million MT of CO2 per year once completed. Each year, the quantity of CO2 absorbed is projected to be equivalent to the emissions from 460,000 passenger automobiles.
The California Low Carbon Fuel Standard is expected to produce roughly $200 per MT of CO2 and a $50 per MT IRS 45Q tax credit. Congress is considering legislation that would boost the federal tax credit to $80 per metric ton of CO2 and offer billions of dollars in grants and loans to fund CCS facilities in the United States.