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 🌊 Frontier Drops $31M on Ocean Antacids in Massive Carbon Bet 🏭 PCA Launches Carbon Capture and Storage Study Following ‘Promising’ Trial ✈️ Airbus and Air France Complete Inaugu...
Inside This Issue 🛢️ Northern Lights CCS Project Begins Operations with First CO2 Injection 🔋 Advent Technologies Receives Order from Global Energy Giant for Ion Pair HT- PEM Electrode Assemblies ...
Inside This Issue 🌎 Chevron Doubles Down on Carbon Capture with Massive Bayou Bend Hub 🌱 Manitoba Startup Pitches $5 Million Biochar Processing Plant to Ritchot Municipality 🏭 MATHESON to Build Ne...
Frontier Drops $31M on Ocean Antacids in Massive Carbon Bet
Major carbon removal deal sees Frontier buy 115K tons of CO2 removal via ocean alkalinization TL;DR Frontier announces $31M deal with Planetary Technologies for ocean alkalinization carbon rem...
PCA Launches Carbon Capture and Storage Study Following ‘Promising’ Trial
The pilot project and technology development supports Packaging Corporation of America’s goal to capture and permanently store 1.75 million metric tons of biogenic CO2 per year by 2040. Packaging ...
EU Hopes to Boost Permanent Carbon Removals With New Purchasing Programme
With ambitions to achieve climate neutrality, the European Commission’s Directorate-General for Climate Action (DG CLIMA) is exploring a dedicated EU-wide purchasing programme to increase permanent...
Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in fuel cells and hydrogen technologies, has engaged Fata Advisory, LLC to support strategic outreach and business d...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.