LOS ANGELES–(BUSINESS WIRE)–Global Clean Energy Holdings, Inc. (OTCQX: GCEH), a vertically integrated renewable fuels company, announced that it has closed a $145,000,000 financing led by ExxonMobil through the issuance of a newly created non-convertible Series C preferred stock. The net proceeds will be used to complete the conversion of the Bakersfield, California biorefinery project and to advance the development of its proprietary camelina feedstock business. The Company also announced that it has added Ms. Amy K. Woods and Mr. E. Nicholas Jones to its Board of Directors.
“The funding achieves several key objectives,” said Richard Palmer, CEO and President. “It provides additional capital to complete and upgrade our Bakersfield biorefinery, restructures existing mezzanine debt in a way that will enable our company to realize significant future cash flows, and accelerates the deployment of our upstream camelina feedstock. . We are also delighted to welcome Amy Woods and Nick Jones to the Company’s Board of Directors.
Ms. Woods is currently the Food and Product Manager for the Americas for the Fuels and Lubricants Division of Exxon Mobil Corporation and is responsible for supply chain optimization for commercial development of crude oil and products and biofuels for the Americas. She joined ExxonMobil in 1994 and has held a variety of positions including refining process design, logistics optimization, strategic advisory positions, and team development for renewable business initiatives. She holds a master’s degree in chemical engineering from the University of Louisville.
Mr. Jones has been responsible for the Process Engineering Division for ExxonMobil Research & Engineering Company since 2019. He is responsible for technology deployment and technical support at ExxonMobil’s global manufacturing sites for refining technologies, process safety processes and environmental activities. Mr. Jones joined ExxonMobil in 2001 after completing his doctorate. in Chemical Engineering from Purdue University.
“We are delighted to welcome Amy and Nick to our Board of Directors and look forward to the contributions their technical and industry expertise, business insights and global knowledge will make to the continued success of Global Clean Energy Holdings,” said said David Walker, chairman of the company’s board of directors.
About Global Clean Energy
Global Clean Energy Holdings, Inc. (“GCEH”) is a vertically integrated renewable fuels company specializing in non-food feedstocks used for the production of biofuels and advanced biomaterials. With a footprint that spans from lab-to-farm to bio-refinery production, GCEH’s integration of the farm-to-fuels value chain provides unparalleled access to reliable, ultra-low-emission feedstocks. carbon. Once online, the Bakersfield biorefinery will be the only facility of its kind, transforming both traditional organic feedstocks and locally grown camelina oil into sustainable, ultra-low carbon fuels in California. To learn more, visit gceholdings.com and susoils.com.
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Certain matters discussed in this press release are forward-looking statements of Global Clean Energy Holdings, Inc. Investors are cautioned that statements in this press release that are not strictly historical statements are forward-looking statements and are subject to a number of risks and uncertainties. . Important factors that could cause actual results, developments and business decisions to differ materially from the forward-looking statements are described in the sections titled “Risk Factors” in our filings with the Securities and Exchange Commission, including our latest annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.