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FOR IMMEDIATE RELEASE
THURSDAY, APRIL 22, 2021
ExxonMobil Expands Renewable Fuels Agreement with Global Clean Energy Holdings
Five-year agreement to purchase renewable diesel from Bakersfield biorefinery increases up to 5 million barrels per year
Renewable fuel using Global Clean Energys patented camelina crop can significantly reduce greenhouse gas emissions
Biorefinery startup on schedule for early 2022
IRVING, Texas ExxonMobil and Global Clean Energy have expanded their five-year agreement to increase ExxonMobils purchase of renewable diesel up to 5 million barrels per year.
ExxonMobil will be the exclusive buyer of renewable diesel from Global Clean Energys biorefinery in Bakersfield, California, which is on schedule to begin production in early 2022. The renewable diesel leverages Global Clean Energys patented camelina crop, which can significantly reduce life-cycle greenhouse gas emissions.
Our expanded agreement with Global Clean Energy reinforces ExxonMobils longstanding efforts to support societys ambitions for lower-emission fuels, said Ian Carr, president of ExxonMobil Fuels and Lubricants Company. Through our growing relationship, we remain focused on bringing renewable fuels to market that make meaningful contributions to help consumers reduce their emissions.
Based on analysis of California Air Resources Board data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel. When cultivated as a cover crop on rotational dryland, camelina can help meet the growing global demand for lower-carbon non-petroleum feedstocks.
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 CEO of Global Clean Energy Holdings. By working together across traditional agricultural, energy and supply chain lines, we are showing how ag and energy, big and small, can collaborate to bring lower-carbon fuels to market.
The Bakersfield biorefinery will process up to 15,000 barrels per day of renewable feedstocks, including Global Clean Energys proprietary camelina. The balance of renewable diesel will be produced using various non-petroleum feedstocks, including used cooking oil, soybean oil, distillers corn oil and other renewable sources.
The original agreement signed in August 2020 committed ExxonMobil to purchase 2.5 million barrels of renewable diesel per year. Following production startup, ExxonMobil plans to distribute the renewable diesel within California and potentially other U.S. and international markets.
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About Global Clean Energy
Global Clean Energy Holdings (OTCQB:GCEH) is a leading developer of sustainable, non-food energy crops for use in biofuels. GCEHs wholly owned subsidiary, Sustainable Oils, is the worlds leading developer of camelina, a fast-growing, low input, dryland farmed rotation crop. As it is cultivated exclusively on unirrigated fallow land, camelina does not displace food or create indirect land use change. It also allows farmers to improve total farm economics through better overall asset utilization.
Through a financing partnership with Orion Energy Partners, GCM Grosvenor and Voya Investment Management, Global Clean Energy expanded into downstream production with the acquisition of the Bakersfield facility. Once production commences in early 2022, the Bakersfield biorefinery will be the only integrated farm-to-tank renewable diesel producer of its kind, processing both camelinaa proprietary non-food, ultra-low carbon intensity and purpose-grown feedstockas well as traditional biofuel feedstocks such as plant oils and waste products. To learn more, visit gceholdings.com.
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Statements of future events, plans or product offerings in this release are forward-looking statements. Actual future results, including product offerings, refinery start-up dates, delivery timing. available capacity, and the impact and results of new technologies on product efficiency and life-cycle emission reductions could vary depending on the outcome of general business conditions; further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory mandates, incentives and other developments; and other factors discussed in this release and under the heading Factors Affecting Future Results on the Investors page of ExxonMobils website at exxonmobil.com.
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