Global Clean Energy completes ExxonMobil equity financing deal
Global Clean Energy Holdings, Inc., a vertically integrated renewable fuels company, has completed a USD145 million 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 company’s Bakersfield, California, biorefinery project and to advance the development of its proprietary camelina feedstock production business.
The company also announced that it has added Amy K. Woods, Americas Feed & Product Manager for Fuels and Lubricants Division of Exxon Mobil Corporation, and E. Nicholas Jones, Process Engineering Division Manager for ExxonMobil Research & Engineering Company, to its Board of Directors.
“The funding accomplishes several key goals,” said Richard Palmer, CEO and president of Global Clean Energy Holdings. “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.”
Woods is responsible for supply chain optimization for ExxonMobil Americas’ crude and products and biofuels business development. She joined ExxonMobil in 1994 and has served in various roles including refinery process design, logistics optimizations, strategic advisor positions and team development for renewable business initiatives. She has a Master’s degree in Chemical Engineering from the University of Louisville.
Jones is responsible for technology deployment and technical support to ExxonMobil’s global manufacturing sites for refining technologies, process safety and environmental activities. He. Jones joined ExxonMobil in 2001 after completing his Ph.D. in Chemical engineering from Purdue University.
“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,” said David Walker, chairman of the Board of Global Clean Energy Holdings.
