<PAGE>
 
                                                                    EXHIBIT 4.14

1    THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE LAW.  THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND WITHOUT A VIEW TO THEIR DISTRIBUTION AND
MAY NOT BE SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AND
REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR UNLESS,
IN THE OPINION OF COUNSEL SATISFACTORY TO THIS CORPORATION, AN EXEMPTION FROM
REGISTRATION IS AVAILABLE UNDER THE SECURITIES LAWS.



No. IW                                                                  Warrants


                         VOID AFTER SEPTEMBER 19, 1999
                     (third anniversary of issuance date)

                  CLASS I STOCK PURCHASE WARRANT CERTIFICATE
                     FOR PURCHASE OF CLASS A COMMON STOCK

              Advanced Environmental Recycling Technologies, Inc.

          This certifies that FOR VALUE RECEIVED ______________ or registered
assigns  (the "Holder") is the owner of the number of Class I Warrants
("Warrants") specified above.

          1.   Exercise of Warrant Issuance of Certificate and Payment for
               -----------------------------------------------------------
Warrant Shares.  Each Warrant initially entitles the Holder to purchase, subject
---------------                                                                 
to the terms and conditions set forth in this Certificate, one fully paid and
nonassessable share of Class A Common Stock, $0.01 par value, of Advanced
Environmental Recycling Technologies, Inc., a Delaware corporation (the
"Company") at any time between the date hereof and the Expiration Date (as
hereinafter defined), upon the presentation and surrender of this Warrant
Certificate with the Subscription Form attached hereto duly executed, to the
Company or its designee, accompanied by payment of _______________ per share
(the "Purchase Price") in lawful money of the United States of America in cash
or by official bank or certified check made payable to Advanced Environmental
Recycling Technologies, Inc.

          Each Warrant represented hereby is exercisable at the option of the
Holder, but no fractional shares of Class A Common Stock will be issued.
Holders of fractional Warrants will be required to exercise such number of
Warrants so that a whole number of shares of Class A Common Stock will be issued
or, at the Company's sole option, the Company may pay the Holder an amount equal
to such fraction multiplied by the Fair Market Value of one 

                                       1
<PAGE>
 
share of Class A Common Stock on the exercise date. The Fair Market Value shall
be the average of the closing bid and ask price for a share of Class A Common
Stock on the National Association of Securities Dealers Automatic Quotation
System (NASDAQ) or the closing sale price if reported on the NASDAQ National
Market System or New York or American Stock Exchanges.

          In the case of the exercise of less than all the Warrants represented
hereby, the Company shall cancel this Warrant Certificate upon the surrender
hereof and shall execute and deliver a new Warrant Certificate or Warrant
Certificates of like tenor for the balance of such Warrants.

          2.   Antidilution Provisions.  The number of shares of Class A Common
               ------------------------                                        
Stock into which this Warrant is convertible and shall be subject to adjustment
from time to time as follows:

          (a)  In the event the Company declares a dividend upon its Common
     Stock payable otherwise than in cash out of earnings or surplus, including
     a dividend payable in Common Stock or securities convertible into Common
     Stock or in any rights or options to purchase Common Stock or securities
     convertible into Common Stock, the Holder shall upon the conversion of this
     Warrant be entitled to receive Common Stock at the Purchase Price then in
     effect, and, in addition and without payment therefor, the cash, stock or
     other securities and other property which such Holder would have received
     by way of dividends or distributions (otherwise than out of earnings or
     surplus) as if continuously since the record date for any such dividend or
     distribution the Holder (i) had been the record Holder of the number of
     shares of Common Stock then received, and (ii) had retained all prior
     dividends or distributions in stock or securities payable in respect of
     such Common Stock or in respect of any stock or securities paid as
     dividends or distributions and originating directly or indirectly from such
     Common Stock.

          (b)  In case the Company shall at any time subdivide its outstanding
     Common Stock into a greater number of shares, or shall combine outstanding
     shares of Common Stock into a smaller number of shares, the Purchase Price
     shall be proportionately adjusted to reflect the respective reduction or
     increase in value of each such share of Common Stock.

          (c)  If any capital reorganization or reclassification of the capital
     stock of the Company, or consolidation or merger of the Company with
     another corporation, or the sale of all or substantially all of its assets
     to another corporation shall be effected in such a way that holders of the
     Company's Common Stock shall be entitled to receive stock, other securities
     or assets with respect to or in 

                                       2
<PAGE>
 
     exchange for such Common Stock, then, as a condition of such
     reorganization, reclassification, consolidation, merger or sale, the Holder
     shall have the right to acquire upon the basis and upon the terms and
     conditions specified in this Warrant and in lieu of the shares of Common
     Stock that could be acquired immediately theretofore, such shares of stock,
     other securities or assets as would have been issued or delivered to the
     Holder if the Holder had converted this Warrant prior to such
     reorganization, reclassification, consolidation, merger or sale. The
     Company shall not effect any such consolidation, merger or sale, unless
     prior to the consummation thereof the successor corporation (if other than
     the Company) resulting from such consolidation or merger or the corporation
     purchasing such assets shall assume by written instrument executed and
     mailed to the Holder at the last address of the Holder appearing on the
     books of the Company, the obligation to deliver to the Holder such shares
     of stock, other securities or assets as, in accordance with the foregoing
     provisions, the Holder may be entitled to acquire.

          (d)  As used in this Section 2, the term "Common Stock" shall mean and
     include the Company's presently authorized shares of Class A and Class B
     Common Stock and shall also include any capital stock of any class of the
     Company hereafter authorized which shall not be limited to a fixed sum or
     percentage of par value in respect of the rights of the holders thereof to
     participate in dividends or in the distribution of assets upon the
     voluntary or involuntary liquidation, dissolution or winding up of the
     Company.

          3.   Warrant Expiration.  The term "Expiration Date" shall mean 5:00
               -------------------                                            
p.m. (New York time) three (3) years from the date hereof, or such earlier date
as the Warrants shall be redeemed.  If such date shall in the State of New York
be a holiday or a day on which the banks are authorized to close, then the
Expiration Date shall mean 5:00 p.m. (New York time) the next following day
which in the State of New York is not a holiday or a day on which banks are
authorized to close.

          4.   Restrictions on Transfer.  This Warrant and the shares of Class A
               -------------------------                                        
Common Stock to be issued upon exercise of this Warrant (the "Warrant Shares")
are not registered under the Securities Act of 1933 (the "Securities Act") or
under the Securities Laws of any state and can be resold only if registered or
if, pursuant to an opinion of Counsel satisfactory to the Company, exemptions
from such registration are available.  A restrictive legend outlining the
restriction appears on this Warrant and will appear on the Warrant Shares.
However, the Company has undertaken to prepare, file and cause to be declared
effective as soon as practicable a registration statement under 

                                       3
<PAGE>
 
the Securities Act related to the Warrant Shares.

          By acceptance of this Warrant, the Holder represents to the Company
and agrees that:

          (a)  This Warrant is being acquired for the account of the Holder, and
     the Holder has no present intention of offering, selling, transferring or
     otherwise disposing (other than by gift) of this Warrant or the Warrant
     Shares.

          (b)  The Holder will not sell, transfer or otherwise dispose of this
     Warrant or the Warrant Shares unless:

               (i) a registration statement under the Securities Act, as
          amended, covering such portion of this Warrant or Warrant Shares which
          is to be so offered, sold, transferred or otherwise disposed of has
          become effective and such offer and sale is otherwise registered,
          qualified or exempt under applicable state law; or

               (ii) such Holder has received the opinion of counsel acceptable
          to the Company, such opinion to be in writing and addressed to the
          Company, that the proposed offer, sale, transfer or other disposition
          of this Warrant or Warrant Shares are exempt from the registration
          provisions of the Securities Act and applicable state law.

          (c)  The certificates representing the Warrant Shares shall contain a
     restrictive legend substantially in the form of the legend located at the
     top of page 1 hereof.

          5.   Exchange Transfer and Replacement.  This Warrant Certificate is
               ----------------------------------                             
exchangeable, upon the surrender hereof by the Holder to the Company, for a new
Warrant Certificate or Warrant Certificates of like tenor representing an equal
aggregate number of Warrants, each of such new Warrant Certificates to represent
such number of Warrants as shall be designated by such Holder at the time of
such surrender.  Upon due presentment with any transfer fee per certificate in
addition to any tax or other governmental charge imposed in connection
therewith, for registration of transfer of this Warrant Certificate, a new
Warrant Certificate or Warrant Certificates representing an equal aggregate
number of Warrants will be issued to the transferee in exchange therefor,
subject to the limitations provided in the Warrant Agreement.

          6. (a)  Provisions for Registration.  If the Company proposes to file
                  ----------------------------                                 
     a registration statement (the "Company Registration Statement") under the
     Securities Act regarding 

                                       4
<PAGE>
 
     an underwritten public offering by the Company of any shares of Class A
     Common Stock, the Company shall give Holder written notice of such proposed
     Registration Statement and public offering (the "Registration Note") and
     immediately thereafter offer the Holder the opportunity to register with
     respect to such offering such amount of the Warrant Shares as the Holder
     may request. If within 30 days following receipt of the Registration
     Notice, the Holder submits a written request to the Company to have all or
     any portion of the Warrant Shares sold pursuant to the Company Registration
     Statement, the Company shall include such Warrant Shares within the Company
     Registration Statement and cause the managing underwriter or underwriters
     (the "Underwriter") of the proposed underwritten offering to include such
     Warrant Shares in such offering. Any Warrant Shares included in the Company
     Registration Statement shall be done so upon the same terms and conditions
     as the shares of Class A Common Stock being offered by the Company.
     Notwithstanding the foregoing, if the Underwriter delivers a written
     opinion to the Company and the Holder that the total amount of shares that
     the Holder, the Company and any other persons or entities participating in
     the offering intend to include in such offering is sufficiently large so as
     to have a material adverse effect on or otherwise jeopardize the
     distribution of the shares subject to the offering, then the amount of
     Warrant Shares to be included in the Company Registration Statement,
     together with the amount of shares included on behalf of other persons or
     entities (other that the Company) shall be reduced pro rata to the extent
     necessary to reduce the total shares offered to an amount recommended by
     and acceptable to the Underwriter. The Company shall bear all expenses in
     connection with any registration pursuant to this Section 6.

               (b)  Blue Sky.  The Warrant Shares to be included in the Company
                    ---------                                                  
     Registration Statement pursuant to this Section 6, will be registered or
     otherwise qualified for sale under state securities or blue sky laws to the
     same extent that the shares being registered and sold by Company are so
     registered or qualified.

               (c)  Information from Holders.  Notices and requests delivered by
                    -------------------------                                   
     the Holders to the Company pursuant to this Section 6 shall contain such
     information regarding the Warrant Shares and the intended method of
     disposition thereof as reasonably shall be required in connection with the
     action to be taken.

               (d)  Indemnification.  The Company will indemnify and hold
                    ----------------                                     
     harmless each Holder whose Warrant Shares are included in a Company
     Registration Statement pursuant to the 

                                       5
<PAGE>
 
     provisions of this Section 6 and any underwriter (as defined in the
     Securities Act) and each person, if any, who controls such Holders from and
     against any and all loss, damage, liability, cost and expense to which such
     Holders or any such underwriter or controlling person may become subject
     under the Securities Act or otherwise, insofar as any such loss, claim,
     damage, liability, cost, or expense (or proceedings in respect thereof)
     arises out of or is based upon any untrue statement of any material fact
     contained, on the effective date thereof, in any registration statement
     under which such Warrant Shares were registered under the Securities Act,
     in any preliminary prospectus or final prospectus contained therein, or in
     any amendment or supplement thereto, or arises out of or is based upon the
     omission or alleged omission to state therein a material fact required to
     be stated therein or necessary to make statements therein not misleading;
     provided, however, that the Company will not be liable in any such case to
     the extent that any such loss, claim, damage, liability, cost, or expense
     arises out of or is based upon untrue statement or alleged untrue statement
     or omission or alleged omission made in such registration statement, said
     preliminary prospectus or final prospectus, or said amendment or
     supplement, in reliance upon and in conformity with written information
     furnished to the Company by such Holders, or controlling person, as the
     case may be, specifically for use in the participation thereof; and
     provided further that the foregoing indemnity agreement is subject to the
     condition that, insofar as it relates to any untrue statement, alleged
     untrue statement, omission, or alleged omission made in any preliminary
     prospectus, but eliminated or remedied in the final prospectus, such
     indemnity agreement shall not inure to the benefit of any person if a copy
     of the final prospectus was not sent or given to the purchaser of the
     securities with or prior to the written confirmation of the sale of such
     securities to such person.

               By acceptance of this Warrant, each Holder whose Warrant Shares
     are included in a Company Registration Statement pursuant to the provisions
     of this Section 6 agrees to indemnify and hold harmless the Company, and
     controlling person, and any underwriter from and against any and all loss,
     damage, liability, cost, or expense to which the Company or any controlling
     person or any underwriter may become subject under the Securities Act or
     otherwise, insofar as any such loss, claim, damage, liability, cost, or
     expense or proceedings in respect thereof arises out of or is based upon
     any untrue statement of any material fact contained, on the Effective Date
     thereof, in any Registration Statement under which such Warrant Shares were
     registered under the Securities Act, in any preliminary prospectus or final
     prospectus contained therein, or in any amendment or 

                                       6
<PAGE>
 
     supplement thereto, or arises out of or is based upon the omission or
     alleged omission to state therein any material fact required to be stated
     therein or necessary to make the statements therein not misleading, in each
     case to the extent, but only to the extent, that such untrue statement or
     alleged untrue statement or omission or alleged omission was made in
     reliance upon and in conformity with written information furnished or
     required to be furnished by the Securities Act by such Holders.

               Promptly after receipt by any party entitled to be indemnified
     hereunder of notice of the commencement of any action in respect to which
     indemnity may be sought hereunder, such party shall notify the indemnifying
     party in writing of the commencement thereof, and the indemnifying party
     may assume the defense of such action (including the employment of counsel
     reasonably satisfactory to the notifying party and the payment of expenses)
     insofar as such action shall relate to any alleged liability in respect to
     which indemnity may be sought against the indemnifying party.  Any such
     indemnified party shall have the right to employ counsel and to participate
     in the defense thereof, but the fees and expenses of such counsel (except
     fees and expenses incurred after notice has been given but prior to the
     assumption by the indemnifying party of the defense of such action) shall
     not be at the expense of the indemnifying party unless the employment of
     such counsel has been specifically authorized by the indemnifying party.

          7.   No Shareholder Rights.  Prior to the exercise of any Warrant
               ----------------------                                      
represented hereby, the Holder shall not be entitled to any rights of a
shareholder of the Company, including, without limitation, the right to vote or
to receive dividends or other distributions, and shall not be entitled to
receive any notice of any proceedings of the Company.

          8.   Ownership of this Warrant.  Prior to due presentment for
               --------------------------                              
registration of transfer hereof, the Company may deem and treat the Holder as
the absolute owner hereof and of each Warrant represented hereby
(notwithstanding any notations of ownership or writing hereon made by anyone
other than a duly authorized officer of the Company) for all purposes and shall
not be affected by any notice to the contrary.

          9.   Miscellaneous.  This Warrant Certificate shall be governed by and
               --------------                                                   
construed in accordance with the laws of the State of Arkansas.

          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed, manually or in facsimile by two of its officers thereunto duly
authorized and a facsimile of its 

                                       7
<PAGE>
 
corporate seal to be imprinted hereon.

                                   ADVANCED ENVIRONMENTAL RECYCLING 
                                   TECHNOLOGIES, INC.


Dated: September 19, 1996          By_______________________________
                                     Joe G. Brooks, President



                                   By_________________________________
                                     Jake Bushey, Corporate Controller

                                       8
<PAGE>
 
                               SUBSCRIPTION FORM

                         To Be Executed by the Holder
                         in Order to Exercise Warrants

          The undersigned Holder hereby irrevocably elects to exercise
________________ Warrants represented by this Warrant Certificate, and to
purchase the securities issuable upon the exercise of such Warrants, and
requests that certificates for such securities shall be issued in the name of


                 _____________________________________________
                 _____________________________________________
                 _____________________________________________
                   (please print, or type name, address and
                social security or other identification number)

and be delivered to


                 _____________________________________________
                 _____________________________________________
                 _____________________________________________
                    (please print or type name and address)

and if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Holder at the
address stated below.

Dated: __________________      x_____________________________
                                    ______________________________
                                    ______________________________
                                    Address

                                    ______________________________
                                    Taxpayer Identification Number

                                    ______________________________
                                    Signature Guaranteed

                                    ______________________________

                                       9
<PAGE>
 
                                 ASSIGNMENT

                         To Be Executed by the Holder
                          in Order to Assign Warrants

FOR VALUE RECEIVED, ________________________________________ hereby sells,
assigns and transfers unto



                 _____________________________________________
                 _____________________________________________
                 _____________________________________________
                  (please print or type name and address and
                 social security or other identifying number)

____________________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitutes and appoints
________________________________________________________________________________
________________________________________________________________________________
Attorney to transfer this Warrant Certificate on the books of the Company, with
full power of substitution in the premises.

Dated: ___________________         x__________________________________
                                          Signature Guaranteed


                                          ____________________________

THE SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
MIDWEST STOCK EXCHANGE.

                                       10