Aemetis Inc (NASDAQ: AMTX) is having a good time in the market over the past couple of trading sessions, and for good reason. The company announced yesterday that it had achieved a major engineering milestone, leading to excitement that continues to push the stock for the top. Today, we’ll talk about the news, what we’re seeing from AMTX, and what we’ll be watching for ahead.
AMTX Announces Completion Of Key Milestone
As mentioned above, Aemetis is having an incredible time in the market for the second straight trading session after announcing that it has achieved a key milestone. In a press release issued Monday morning, the company announced that by completing front-end loading (FEL) engineering for its 12 million gallon per year cellulosic ethanol plant in Riverbank, CA, it has achieved a key engineering milestone.
In the release, AMTX said that the milestone comes after nine months of engineering, optimization and demonstrating plant testing. As a result, the company has completed all engineering necessary to begin the procurement of long lead-time equipment for the Riverbank facility. In the release, the company said that it is currently in talks with vendors and contractors in order to coordinate the construction of the inital 12 million gallons of cellulosic ethanol in California. Of course, this is in addition to each subsequent phased buildout.
Aemetis is currently engaging with vendors and contractors to coordinate the construction of the initial 12 million gallons of cellulosic ethanol in California, in addition to each subsequent phased build out. This news comes just a week after the company announced news with regard to an operational demonstration unit, only expanding on the excitement surrounding the stock. In a statement, Eric McAfee, Chairman and CEO at AMTX, had the following to offer:
Aemetis is very pleased to be working with ASTI’s world-class team to bring our Riverbank cellulosic ethanol plant to full commercial implementation… We are equally excited to begin commercial discussions with key vendors and potential partners in the industry who will help us begin the procurement and construction phase for this and future projects.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. This key announcement means that Aemetis will be able to move forward with the Riverbank cellulosic ethanol plant. So, it’s no surprise that investors are reacting in a positive way. Currently (11:07), AMTX is trading at $1.15 per share after a gain of $0.03 per share or 2.56% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AMTX. In particular, we’ll be following the news surrounding the construction of the Riverbank facility. Also, CNA Finance Chief Strategic Analyst, Kenny Soulstring will be releasing a full report on the company relatively soon. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!