Global Clean Energy Holdings Inc. (OTCMKTS:GCEH) and UGI Team Up to Distribute Renewable LPG: Stock Flat
Shares of Global Clean Energy Holdings Inc. (OTCMKTS:GCEH) closed a bit lower in the previous session.
Market Stats
On Wednesday, GCEH stock fell 1.16% to $4.25 with more than 6K shares, compared to its average volume of 21K shares. The stock moved within a range of $4.2000 – 4.2750 after opening trading at $4.27.
Global Clean Energy Holdings and UGI Announce Partnership to Distribute Renewable LPG
Global Clean Energy Holdings, Inc. (OTCMKTS:GCEH) announced on February 15, 2022 about entering into an agreement with UGI Corporation’s subsidiary, AmeriGas Propane, for the purpose of purchasing and distributing renewable LPG produced by GCEH. AmeriGas will provide logistical support and help with supply and infrastructure, to market and distribute GCEH’s renewable LPG to new and existing customers primarily in the state of California.
A multi-year agreement has been drawn up, according to which, GCEH’s Bakersfield biorefinery, is gearing up to process 15,000 barrels of renewable feedstock per day, including GCEH’s proprietary energy crop, camelina, to generate renewable fuels including bioLPG.
Renewable LPG or bioLPG is chemically identical to today’s fossil LPG (C3H8) and can be used with existing infrastructure. However, it has 80% lower carbon footprint than that of conventional LPG and much lower carbon intensity than conventional diesel or gasoline fuels.
Operations at the biorefinery are expected to start in first half of 2022. Projected yield is around 13 million gallons of renewable LPG in its first year of regular commercial operations, which will make it the largest commercially available renewable propane production facility till date in the United States. AmeriGas is to be the long-term exclusive buyer of renewable LPG from GCEH’s Bakersfield biorefinery.
Key Quote
“Our investment in the Bakersfield biorefinery coupled with AmeriGas’ industry-leading footprint across the propane supply chain is a powerful combination aimed at advancing the growth of the renewable fuels market in California and elsewhere,” commented Richard Palmer, President & CEO of Global Clean Energy Holdings.
Traders Corner
GCEH stock is trading below the 20-Day and 50-Day Moving averages of $4.42 and $4.67 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.92.
