Aemetis: USCIS approves EB-5 Phase II funding for Riverbank plant

By Aemetis Inc. | January 23, 2019

Aemetis Inc. announced today that the U.S. Customs and Immigration Service has issued an I-924 Exemplar Approval for its $50 million EB-5 Phase II funding related to the Aemetis Riverbank cellulosic biorefinery project in California. Three EB-5 investors filed with the USCIS and funded $1.5 million to the Aemetis project in December 2018 to launch the $50 million EB-5 Phase II funding round.

With the I-924 Exemplar Approval of the Aemetis project by the USCIS, EB-5 investors receive faster processing of their EB-5 investor documents.

“Aemetis has already successfully raised $35 million of EB-5 Phase I funding at a 3 percent interest rate for the Keyes ethanol plant, so we are pleased with the I-924 Exemplar Approval by the USCIS of $50 million EB-5 Phase II funding for the Riverbank below zero carbon biofuels plant as our next round of low interest rate funding,” stated Eric McAfee, chairman and CEO of Aemetis. “This EB-5 Phase II financing is not convertible into Aemetis stock at either the parent company or subsidiary levels, so the $50 million from EB-5 Phase II investors will not be dilutive to Aemetis shareholders and has a minimum five-year maturity with a below market interest rate.”

The Aemetis Riverbank cellulosic biorefinery is designed to produce below zero carbon biofuels from agricultural waste that could otherwise be burned in the Central Valley. The USCIS I-924 Exemplar Approval for the Aemetis Riverbank project is in addition to California state governmental support through the recent award of $12.7 million of sales and use tax waivers for equipment and other purchases for the construction of the Aemetis Riverbank plant.