The United States Department of Agriculture on September 15, 2022, announced that Global Clean Energy Holdings Inc (OTCMKTS:GCEH) was selected for participating in the Partnerships for Climate-Smart Commodities grant program.
Trading Data
On Wednesday, GCEH stock ended flat at $2.1000 with more than 7.57K shares traded, compared to volume of 13.51K shares. The stock moved within a range of $2.0800 – 2.1500 after opening trading at $2.1500.
Global Clean Energy Selected for up to $30 Million USDA Climate-Smart Commodities Grant for Advancement of Camelina as Renewable Fuel Feedstock
Awarded about $30 million, the firm will be conducting a pilot project for measuring and validating the benefits of camelina as ultra-low carbon renewable fuel feedstock. The program had received more than 450 applications for this initial funding pool.
Chief Executive Officer of Global Clean Energy Richard Palmer said that being selected for the grant demonstrates the benefits of camelina as a low-carbon feedstock.
Palmer added that Camelina is a nonfood crop grown on wastelands between conventional cropping cycles. This ensures no contribution to land use change and production of ultra-low carbon renewable fuels, acting as a replacement for petroleum-based alternatives.
The CEO further stated that the funding from USDA will expedite farmer adoption of camelina, ameliorate soil conditions on existing farms and reduce the negative effects of climate change.
The USDA’s cost-share grant aims to lower American agriculture’s carbon footprint.
Global Clean Energy has the largest camelina patent as well as intellectual property portfolio. The company’s wholly-owned subsidiary, Sustainable Oils, Inc., contracts directly with farmers for growing camelina in key regions of the U.S.
Key Quote
“Being selected for this grant signals that the advantages of camelina as a low carbon feedstock are undeniable,” Chief Executive Officer of Global Clean Energy Richard Palmer said. “Camelina is a nonfood crop grown on fallow land between traditional crop cycles so as not to contribute to land use change, while producing ultra-low carbon renewable fuels that act as a drop-in replacement for their petroleum-based alternatives. This funding from the USDA will help us accelerate farmer adoption of camelina, which will improve soil conditions on existing farmland and help reduce the negative impacts of climate change.”
Technical Data
GCEH stock is trading below the 20-Day and 50-Day Moving averages of $2.12 and $2.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.60. The company has a total market capitalization of $88.20 million.
