Renewable Biofuels Producer Global Clean Energy Holdings Raises $145 Million
Renewable fuels company Global Clean Energy Holdings (GCEH) announced today that it has raised $145 million, in a preferred stock deal led by energy giant ExxonMobil.
GCEH specializes in nonfood-based feedstocks used for the production of ultra-low carbon advanced biofuels and biomaterials. Proceeds from the financing will be used to complete the conversion of GCEH’s Bakersfield, California, biorefinery project and advance the development of its feedstock production business which processes domestically grown camelina oil into sustainable fuels.
As part of the deal, Exxon will also gain 2 seats on the GCEH board, with Amy Woods, Americas Feed & Product Manager for Fuels and Lubricants Division, and Process Engineering Division Manager Nicholas Jones joining the Board of Directors.
Exxon announced this week its intention to “lead in the energy transition,” with plans to invest over $15 billion to reduce emissions and grow and develop lower emissions businesses. The transaction comes as major oil and gas companies move to expand their renewable fuels businesses, as in Chevron’s acquisition last week of renewable diesel and biodiesel producer Renewable Energy Group.
Richard Palmer, CEO, and President of GCEH said:
“The funding accomplishes several key goals. It provides additional capital to complete and enhance our Bakersfield biorefinery, restructures the existing mezzanine debt in a manner that will allow our Company to realize significant future cash flows and accelerates our upstream camelina feedstock deployment. We are also pleased to welcome Amy Woods and Nick Jones to the Company’s Board of Directors.”
David Walker, GCEH Chairman of the Board, added:
“We are excited to welcome Amy and Nick to our Board of Directors and look forward to the contributions that their technical and industry expertise, business perspectives and global insights will make to the ongoing success of Global Clean Energy Holdings.”