Global Clean Energy Holdings Inc. (OTCMKTS:GCEH) Stock Falls 12% In a Week: Company Announces Partnership to Distribute Renewable LPG
Global Clean Energy Holdings Inc. (OTCMKTS:GCEH) down 12% in a week. The company has announced the signing is an agreement with AmeriGa Propane, a subsidiary of UGI Corporation (NYSE: UGI), to purchase and distribute GCEH produced renewable LPG.
Market Stats
On Tuesday, GCEH stock moved down 2.50% to $4.30 with more than 21K shares, compared to its average volume of 21K shares. The stock moved within a range of $4.0600 – 4.8000 after opening trading at $4.61.
Global Clean Energy Holdings and UGI Announce Partnership to Distribute Renewable LPG
AmeriGas will market and supply GCEH’s renewable LPG to existing and new customers, especially in California, using its distribution and logistical infrastructure as well as its marketing and sales personnel.
GCEH’s Bakersfield biorefinery is expected to process around 15,000 renewable feedstock barrels per day, including GCEH’s enhanced power crop, camelina, to generate renewable fuels, particularly bioLPG, as part of the multi-year arrangement. The biorefinery, which is set to open in 1H 2022, is expected to produce around 13,000,000 gallons of clean energy LPG in the initial year of frequent commercial activities, making it the biggest commercially available clean energy propane manufacturing facility in the US to date. So, GCEH is worth keeping an eye on in the coming weeks.
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 below the 20-Day and 50-Day Moving averages of $4.44 and $4.69 respectively. The stock is trading in the neutral zone with the RSI at 45.
