Published by Todd Bush on February 14, 2022
TORRANCE, Calif.--(BUSINESS WIRE)--Feb 8, 2022--Global Clean Energy Holdings, Inc.(OTCQX: GCEH) is advancing its renewable diesel production through an agreement with ExxonMobil, which will invest $125 million with an option to acquire up to a 25% equity stake in the company. The investment, outlined in filings with the U.S. Securities and Exchange Commission, will help Global Clean Energy grow its proprietary camelina business in key farming regions in the United States and accelerate expansion into Europe and South America.'
>> Additional Reading: SEE, ExxonMobil, and Ahold Delhaize USA Collaborate on Groundbreaking Circularity Initiative
This strategic investment by ExxonMobil is transformational for GCE and will enable the rapid expansion of our proprietary camelina business. It also demonstrates the long-term commitment of both organizations to develop ultra-low carbon, nonfood-based feedstocks and advanced biofuels,' said Richard Palmer, CEO of Global Clean Energy Holdings. 'Throughout our four years working together, ExxonMobil has actively supported our feedstock deployment efforts in multiple U.S. growth regions.'GCE's Sustainable Oils subsidiary is the leading global producer of camelina, a fast-growing, nonfood oilseed crop planted during fallow rotations by farmers without impact to their primary crops. Based on analysis of California Air Resources Board data, renewable diesel from various non-petroleum feedstocks can reduce life-cycle greenhouse gas emissions by approximately 40% to 80% compared to petroleum-based diesel used in engines on the road today.
'We are investing in a number of technologies and initiatives that can reduce greenhouse gas emissions from vital sectors of the global economy, and are progressing lower-emission fuels to help industries like heavy transportation, marine and aviation,' said Ian Carr, president of ExxonMobil Fuels and Lubricants Company**. 'Our agreement with GCE is an example of how we are leveraging our significant resources, technology and capabilities to deliver more renewable fuels to help customers reduce their emissions.'GCE has an existing commercial agreement with ExxonMobil for more than 4 million barrels of drop-in renewable diesel from GCE's California biorefinery, which is on track to begin production later this year.
>>Read more about ExxonMobil here
GCE was represented by investment bank's Stifel and Raymond James; financial advisor Ocean Park, and King & Spalding LLP acted as outside counsel. The investment was executed on Feb. 02, 2022, with an expected financial closing by the end of February 2022, following customary HSR review. The investment includes an additional $40 million in equity and debt by GCEH's existing lenders led by Orion Infrastructure Capital for a total investment of $165 million.
Global Clean Energy Holdings, Inc. ('GCEH') is a vertically integrated renewable fuels company specializing in nonfood-based feedstocks used for the production of advanced biofuels and biomaterials. With a footprint that stretches from the laboratory to the farm gate through to biorefinery production, GCEH's farm-to-fuels value chain integration provides unrivaled access to reliable, ultra-low carbon feedstocks. When online, the Bakersfield Biorefinery will be the only facility of its type, processing both traditional feedstocks as well as domestically grown camelina oil into sustainable, ultra-low carbon fuels in California. To learn more, visit gceholdings.com and susoils.com.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🛫 XCF Global Outlines Plan to Build Multiple SAF Production Facilities and Invest Nearly $1 Billion in Renewable Fuel Production Capacity by 2028 ⚓ Backgrounder: Government of Ca...
Inside This Issue ✈️ SAF Isn’t a Buzzword Anymore - It’s 2025’s Breakout Fuel 🏅 Global Energy Prize Awarded to Three Scientists From China, USA and Russia ⚡ ACES Delta I Hydrogen Production and St...
Inside This Issue 🛢️ Exxon's Gas Strike, EPA Smackdown, and Carbon Curveball 🏭 MHI Awarded Contract for Basic Design of Japan's Largest CO₂ Capture Plant at Hokkaido Electric Power's Tomato-Atsuma...
Models suggest that meeting climate targets will be virtually impossible without steep emissions cuts paired with a huge expansion of carbon management technologies $350 million already investe...
Climate Impact Partners Enables 150 Million Tonnes of CO2e Reduced in Landmark 2025 Impact Report
Climate Impact Partners, a global leader in high-quality carbon market solutions, today publishes its 2025 Impact Report: Delivering Tonnes of Impact. The report showcases how the company, alongsi...
NORTHBROOK, Ill.--CF Industries Holdings, Inc. (NYSE: CF) today announced the start-up of the carbon dioxide (CO2) dehydration and compression facility at its Donaldsonville Complex in Louisiana. T...
Spiritus Technologies PBC Plans Santa Fe, New Mexico, Operations
Spiritus Technologies PBC, a company engaged in sustainable carbon removal, plans to establish operations in Sante Fe, New Mexico. The project is expected to create 40 jobs. The company will lease...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.