Aemetis biogas operations expanded on October 22, 2026, as the company announced that two additional dairy digesters had begun operating in California. The additions bring its network to 14 digesters receiving manure from 17 dairy facilities, with renewable natural gas production expected to total about 600,000 MMBtu annually.
Key Takeaways
- Two new digesters are operating; the network’s annual production figure remains an expectation, not reported output.
- Aemetis has agreements with 50 dairies and equipment in inventory for its next 12 digester installations.
- Its first Keyes RNG fueling station is nearing planned completion, with truck-fleet deliveries scheduled for November 2026.
Table of Contents
- Aemetis biogas expansion adds operating capacity
- Equipment inventory supports the next construction phase
- Fuel sales sit alongside three credit revenue streams
- Conclusion
Aemetis biogas expansion adds operating capacity
The company’s October 22 digester announcement confirms that construction of the two new units is complete and operations have started. Gas from the network travels through 36 miles of Aemetis pipeline to a central processing facility in Keyes, California, where it is upgraded into renewable natural gas, or RNG, and delivered into PG&E’s utility pipeline.
The expected 600,000 MMBtu of annual RNG production applies to the expanded network, rather than just the two new digesters. Aemetis did not provide a separate production figure for the additions.
The company has signed digester-installation agreements with 50 dairies in the area. That represents a broader development pipeline than the 17 dairy facilities currently supplying manure, but the announcement did not set a completion timetable for all contracted sites.
| Item | Details |
|---|---|
| Section 45Z credit sales | Aemetis reported $62 of revenue per MMBtu of dairy RNG from tax-credit sales. |
| D3 RIN generation | 11.7 D3 RINs per MMBtu of dairy RNG. |
| D3 RIN price | $2.05 per RIN, as cited in the October 22, 2026 announcement. |
| California LCFS credit price | Approximately $90 in October 2026, compared with $42 in July 2025. |
Equipment inventory supports the next construction phase
The new digesters use two of 14 biogas cleanup and compression systems that Aemetis purchased and received from NPL Construction, a subsidiary of Centuri Holdings. Aemetis said the remaining systems should significantly shorten construction time for the next 12 digester installations.
A separate step is the planned opening of its first RNG fueling station in Keyes. As of October 22, Aemetis expected construction to finish within the next few weeks and deliveries to truck fleets to begin in November 2026.
Chairman and Chief Executive Eric McAfee said Aemetis plans to sell the fuel to truck fleets for less than $2 per diesel gallon equivalent. That is a planned selling price, not a reported price from completed station sales.
Fuel sales sit alongside three credit revenue streams
Aemetis identified four revenue sources for dairy RNG sold in California: the gas itself, federal Section 45Z tax credits, federal Renewable Fuel Standard D3 RINs and California Low Carbon Fuel Standard credits.
The company said its biogas business had generated $22.8 million in Section 45Z tax credits through the end of August 2026. The figures below show the credit-related economics cited in the announcement; they are not a forecast of total revenue or profit.
Additional production can increase the volume of credits generated, but realized revenue also depends on credit prices and applicable policy. Aemetis identified changes in federal policy or regulation among the risks to its expectations.
Conclusion
The two digesters mark a completed expansion of Aemetis’s operating network. The next scheduled milestone is the start of truck-fleet deliveries in November 2026, following the planned completion of the Keyes fueling station.
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