# Aemetis

Aemetis is an Asset Manager based in Cupertino, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Cupertino, United States
- **Region:** North America
- **Address:** Cupertino, CA, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** aemetis.com

## Regulatory record

- **Reports private funds:** No

## About

Aemetis was founded in 2006 by Silicon Valley veteran Eric McAfee, who previously co-founded and led several energy and technology companies. The firm went public via a reverse merger in 2011 and operates as an industrial biotechnology company producing renewable fuels and biochemicals. Its original wealth engine traces to McAfee's earlier ventures, but the entity itself generates revenue through operational plants rather than managing third-party family capital. Aemetis deploys capital across three distinct operating segments: California ethanol production at its 65 million gallon per year Keyes plant, renewable diesel and sustainable aviation fuel development at its Riverbank Carbon Zero facility, and India-based biodiesel and refined glycerin operations through its Universal Biofuels subsidiary. The company uses a build-own-operate model rather than a fund structure. Confirmed counterparties include Delta Air Lines for a sustainable aviation fuel offtake agreement and a carbon capture partnership with an injection well operator near the Keyes facility. Operations span North America and the Indian subcontinent. The firm has raised capital through a mix of Nasdaq equity, USDA-guaranteed loans, and California state grants — a capital stack uncommon among private family offices. In May 2024 the company reported progress on its Riverbank sustainable aviation fuel facility, having secured a $25 million USDA grant. The project targets 90 million gallons per year of renewable diesel and sustainable aviation fuel capacity. Aemetis is structurally distinct from traditional family offices: it is a publicly traded operating company (Nasdaq: AMTX) subject to SEC reporting requirements and governed by a board of directors. Its succession and governance follow public-company norms rather than single-family dynastic control. The capital deployed is corporate balance-sheet capital, not a discretionary pool of a wealthy family's assets, giving it a different risk and reporting profile than private family investment vehicles.

## Sectors

- Energy Transition & Renewables
- AgriTech & FoodTech
- Infrastructure

## People

- Eric McAfee — Chairman and Chief Executive Officer
- Todd Waltz — Chief Financial Officer

## Questions

### Who runs investment decisions at Aemetis?

Eric McAfee, as Chairman and CEO, drives strategic capital allocation at Aemetis. He founded the company in 2006 and has overseen its growth into a multi-facility renewable fuels operator. Major project decisions, such as the Riverbank sustainable aviation fuel facility, are approved at the board level under his leadership.

### What is the structural relationship between Aemetis's California and India operations?

Both are wholly owned operating subsidiaries. The Keyes ethanol plant and Riverbank development project sit in California's Central Valley, domesticating all US operations. The India subsidiary, Universal Biofuels, runs a biodiesel and refined glycerin plant near the port of Kakinada, giving Aemetis a dual-hemisphere production footprint.

### How does Aemetis fund new projects?

The company uses a layered capital stack unusual for a Nasdaq-listed firm: common equity, USDA-guaranteed loans, California state grants, and offtake-backed project financing. For example, the Riverbank Carbon Zero project secured a $25 million USDA grant in 2024 alongside a fuel purchase agreement with Delta Air Lines.

### Does Aemetis participate in fund commitments or only direct operating investments?

Aemetis does not allocate to third-party funds. All capital deployed goes into its own operating plants and development-stage projects. The firm's model is entirely direct, with no external manager relationships or LP commitments.

### What regulatory or policy dependencies affect Aemetis's operations?

Its California ethanol plant derives significant revenue from the state's Low Carbon Fuel Standard credit program, which prices carbon-intensity reductions. The India biodiesel operation depends on government procurement programs and import duties on competing fuels. Both geographies carry regulatory risk that institutional allocators should model separately.

## Related profiles

- [Mammoth Energy Services](https://altss.com/profile/mammoth-energy-services-inc)
- [Apollo Silver Corp](https://altss.com/profile/apollo-silver-corp)

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Last updated: 2026-06-03T20:00:00.000Z

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