Mar. 15 at 12:08 AM
$AMTX What’s broken here besides the debt…
∙ Indian tallow → Riverbank → 45Z. Dead. That circular bioeconomy McAfee sold is materially damaged by the domestic sourcing requirement. That’s not a minor miss — that was a cornerstone of the Riverbank story.
What replaced it — and is actually better:
∙ Build SAF in India. Sell in India and under the mandatory blend requirements. Thats selling to the fastest growing aviation market in the world. No 45Z complications. No transpacific shipping. McAfee pivoted quietly and almost nobody noticed.
What still works in the US:
∙ 45Z on ethanol post-MVR — domestic production, domestic feedstock, fully qualifies
∙ 45Z on dairy RNG — domestic production, GREET model pending,
$7 gallon equivalent waiting
∙ MVR —
$32M cash flow improvement, equipment on site, Q3-Q4 2026
∙ LCFS recovery to
$100-150 — applies to everything in California regardless of feedstock origin
Buckle up buttercup
