A California-based small cap just announced that it received funding form ExxonMobil (NYSE:XOM) to advance its renewable diesel production as well as grow its proprietary camelina business in key farming regions. Shares of Global Clean Energy Holdings Inc. (OTCQX:GCEH) rallied strongly on the news.
Global Clean Energy is a United States-based energy agri-business focused on the development of ultra-low carbon non-food based feedstocks for renewable fuels and chemicals in the U.S., Mexico, and the Caribbean. The company's business activities include the plant science, planting, cultivation, harvesting, and processing of non-food based plants to generate seed oils and biomass for use in the biofuels industry, including the production of ultra-low carbon renewable jet, biodiesel, renewable diesel, and HVO. As a co-product of its farming and production processes, the company also produces renewable naphtha, renewable propane, and renewable butane.
Traders were bullish on the news as shares reached a session high of $5.05/share (+18.54%) during Tuesday’s trade. This move appears to be the breakout this stock needed as current levels are above the multi-month downtrend this stock has been corralled by since November.
