US renewable natural gas and biofuels producer Aemetis has received funds from the sale of $18 million (€15.4 million) of Section 45Z Clean Fuel Production Tax Credits through its ethanol and renewable natural gas (RNG) subsidiaries.
The sales comprise a $6 million tax credit generated by 2025 ethanol production and $12 million in credits generated by year-to-date 2026 ethanol and RNG production. The 2026 credits represent approximately $0.33 per ethanol gallon and $15.20 per MMBtu of RNG, with net cash proceeds of around $14.5 million after transaction costs.
"These 45Z tax credit sales, our second and third transactions in the past six months, illustrate the value of Section 45Z Clean Fuel Production Tax Credits as a recurring contribution to cash flow for Aemetis operations," said Eric McAfee, chairman and CEO of Aemetis.
"We expect the 45Z credit value to grow significantly based on planned RNG production volume increases and increased energy efficiency at the Keyes plant from mechanical vapour recompression."
The credits sold in the 2026 transactions were calculated under current US Treasury guidance and the updated Department of Energy (DOE) 45ZCF-GREET model released on 12 June 2026, which calculates carbon intensity for Section 45Z tax credits.
Two planned agency updates to the 45ZCF model could further increase the value of 2026 credits: the DOE's incorporation of the low-carbon feedstock calculator recently finalised by the US Department of Agriculture, and an update to the RNG portion of the model to separate RNG produced from dairy cows from other animal types.
"With each Section 45Z sale, we are executing our tax credit monetisation strategy," added McAfee. "These cash proceeds will continue to grow, supporting the expansion of biofuels production and creating new markets for agricultural products. We urge Treasury and the DOE to maintain the integrity and purpose of Section 45Z as they continue to update their components of the programme."
Aemetis sells $18 million of Section 45Z clean fuel production tax credits
