Aemetis, Inc. (NASDAQ: AMTX) announced it received $22.4 million from the sale of Section 45Z Clean Fuel Production Tax Credits generated from ethanol and renewable natural gas (RNG) production in 2026.

The tax credits represent approximately $0.33 per gallon of ethanol and $62 per MMBtu of RNG, before sale discounts and transaction costs. The credit values are based on an update to the 45ZCF-GREET model issued by the U.S. Department of Energy on September 8, 2026.

The updated GREET model includes new pathways for RNG produced from dairy manure anaerobic digestion, as required by the One Big Beautiful Bill Act. It also allows ethanol producers to account for low-carbon corn feedstock grown with regenerative agricultural practices. Aemetis said it expects to increase the per-gallon value of its ethanol Section 45Z credit once the use of low-carbon corn is fully documented.

"Aemetis continues to benefit from Section 45Z Clean Fuel Production Tax Credits as a recurring source of cash flow, executing on our monetization strategy," said Eric McAfee, Chairman and CEO of Aemetis.

Aemetis operates a 65 million gallon per year ethanol production facility in California's Central Valley and a biogas digester network that converts dairy waste into RNG.