By Chris Wack
Aemetis shares were up 8% to $4.47 after the company closed the sale of $53 million of Inflation Reduction Act investment tax credits generated by its Aemetis Biogas subsidiary to a corporate purchaser.
The stock hit its 52-week high of $8.99 on July 13, and is down 28% in the past 12 months.
The company said this sale is the company’s first IRA tax credit transaction.
The Section 48 investment tax credits were generated from biogas projects built by Aemetis Biogas, including six diary digesters, a biogas pipeline and a renewable natural gas production facility.
The Inflation Reduction Act was signed into law in August 2022, and provides for the issuance of transferable federal income tax credits for certain renewable fuel projects and products.
Write to Chris Wack at [email protected]
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