By Sabela Ojea
Shares of Aemetis on Monday climbed after the renewable fuels company said it received $53 million following the sale of its inflation reduction act investment tax credits.
At 1:56 pm E.T., shares were up 8.2% to $4.48.
The developer of agricultural waste into low-carbon biofuels company didn’t disclose the name of the corporate purchaser, but said the IRA investment tax credits were generated by its subsidiary, Aemetis Biogas.
The IRA provides transferable federal income tax credits for investments in certain renewable fuel projects and products.
“The Aemetis five-year plan is expected to qualify for more than $800 million of IRA investment and production tax credits during the next four years to support our biogas projects, CO2 re-use by our ethanol plant, the construction of our sustainable aviation fuel plant and CO2 sequestration,” Chief Executive Eric McAfee said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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