What's Going On With Global Clean Energy?
Global Clean Energy (GCEH) and ExxonMobil (XOM) announced they're renewing their five-year agreement to increase ExxonMobil’s purchase of renewable diesel. Shares of the company were trading higher 4.99% to $5.68 a share on Monday.
"Our work at the Bakersfield biorefinery is a perfect example of what can be accomplished when an industry leader like ExxonMobil supports a growing renewables company like Global Clean Energy with long-term contracts," said Richard Palmer President & CEO of Global Clean Energy Holdings. Adding, "By working together across traditional agricultural, energy and supply chain lines, we are showing how agriculture and energy, big and small, can collaborate to bring lower-carbon fuels to market."
What Does This Mean For Global Clean Energy?
The agreement makes ExxonMobil the exclusive buyer of renewable diesel produced from Global Clean Energy’s biorefinery in Bakersfield, California, which should begin production in early 2022. The renewable diesel uses Global Clean Energy’s patented camelina crop, which can majorly reduce life-cycle greenhouse gas emissions. Moreover, it seems renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40% to 80% compared to petroleum-based diesel.
Global Clean Energy Holdings, Inc., renewable fuels company, engages in the development, production, and processing of feedstocks through to the refining and distribution of renewable fuels in the United States. The company owns a crude oil refinery in Bakersfield, California. It also produces biomass feedstock for cattle, chickens, and pigs.
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Global Clean Energy Holdings Inc is a United States-based energy agri-business focused on the development of ultra-low carbon non-food based feedstocks for renewable fuels and chemicals in the US, Mexico, and the Caribbean. The company's business activities include the plant science, planting, cultivation, harvesting, and processing of non-food based plants to generate seed oils and biomass for use in the biofuels industry, including the production of ultra-low carbon renewable-jet, biodiesel, renewable diesel, and HVO. As a co-product of its farming and production processes, the company also produces renewable naphtha, renewable propane, and renewable butane.
