Aemetis, Inc. announced today that its Aemetis Properties Riverbank, Inc. subsidiary acquired approximately 20% ownership of Nevo Motors, Inc. under a Strategic Electric Vehicle Production Facilities Agreement that will utilize current and future Aemetis manufacturing facilities and fueling stations, as well as renewable natural gas and renewable electricity produced by Aemetis. “Nevo”, which stands for “New Electric Vehicle Optimization”, is a stealth mode company with its product launch planned for Q1 2021.
“Aemetis is excited to become a significant shareholder of Nevo Motors just prior to the launch of the Nevo truck product lines planned in 2021,” stated Eric McAfee, Chairman and CEO of Aemetis. “This strategic agreement utilizes the production buildings, onsite railroad, renewable electricity substation and other facilities at the140-acre, 710,000 square foot Aemetis Riverbank, California manufacturing facility, as well as other Aemetis infrastructure, renewable energy products, and expertise in renewable fuel credits and markets.”
High Capacity Electric Vehicles (HCEV’s) from Nevo Motors are designed for heavy cargo and long range by using on-board range extender generators powered by renewable natural gas (“RNG”), with future electric truck models designed to use patented hydrogen and ethanol range extenders. The goal is to achieve major reductions in operating and maintenance costs while eliminating carbon and pollution emissions in highway cargo transport by meeting Zero Emission Vehicle (“ZEV”) standards.
“Nevo Motors plans to replace diesel engines in the $90 billion per year trucking industry with hybrid electric systems that combine electric drivetrains, batteries and patented range extender generators,” stated Michael Peterson, CEO of Nevo Motors. “Long haul and other diesel trucks can be powered by low carbon, lower cost, domestically produced renewable natural gas and biofuels that expand local investment and jobs instead of continuing to export investment capital to other countries to purchase imported petroleum.”
The first trucks in the Nevo product line of electric heavy duty trucks with range extender generators for long haul and local transportation markets are scheduled for production in 2021.
Aemetis produces below zero carbon intensity RNG with plans to grow from two dairies to as many as 50 dairies in the Aemetis Biogas Central Dairy Digester Cluster and other California dairy digester and pipeline projects.
“By far, the highest and best use of renewable natural gas is to displace diesel in transportation, which means that Aemetis RNG can be used to power long haul and delivery trucks to maximize the financial results of our RNG projects,” stated McAfee. “RNG can directly fuel natural gas vehicles or convert RNG to electricity which can charge the batteries in electric trucks. Aemetis currently produces renewable ethanol which can be utilized by hybrid ZEV’s, creating additional value for Aemetis by selling ethanol directly to truck fleets and truck stops without blending into gasoline.”
Funded with more than $200 million of equity and credit facilities, Aemetis has completed Phase 1 and is now in Phase II of construction for production of below zero carbon renewable natural gas from 17-dairy Aemetis Biogas Central Dairy Digester Cluster.
