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Global Clean Energy Holdings, Inc. Signs Agreement with Pacific Gas & Electric to Develop “Behind the Meter” Cost and Carbon Cutting Energy Projects
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Rhea-AI Summary
Global Clean Energy Holdings (OTC-PINK: GCEH) has signed a Master Services Agreement with Pacific Gas and Electric (PG&E) to implement renewable projects at its Bakersfield Renewable Diesel Refinery. PG&E's Sustainable Solutions Turnkey (SST) team will oversee project engineering and construction. Planned projects include a 10 MW solar plant and various energy efficiency upgrades. These initiatives aim to cut operating costs and reduce the refinery's carbon intensity, enhancing the value of Low Carbon Fuel Standard (LCFS) credits generated from renewable fuels.
Positive
Signed a Master Services Agreement with PG&E for renewable projects.
Initiatives expected to significantly reduce operating costs.
Projects will enhance LCFS credit values from renewable diesel and sustainable fuels.
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BAKERSFIELD, Calif.--(BUSINESS WIRE)--
Global Clean Energy Holdings, Inc. (OTCQX: GCEH) announced that it has signed a Master Services Agreement with Pacific Gas and Electric Company(NYSE: PCG) under which PG&E will identify, design, and implement renewable generation and energy management projects at GCEH’s Bakersfield Renewable Diesel Refinery to help reduce the refinery’s operating costs and carbon footprint.
PG&E’s Sustainable Solutions Turnkey (SST) team will act as the EPC Contractor responsible for the engineering, procurement, construction, commissioning, and permitting for each approved project.
Projects under consideration include an onsite solar plant, heat recovery from the hydrotreating process to produce both electrical and process steam generation, lighting, variable frequency drives, energy storage, HVAC upgrades, building controls, boiler plant improvements, etc.
These projects are expected to not only help reduce the plant’s operating costs but to also reduce the refinery’s overall carbon intensity (CI), thus increasing the value of the LCFS credits generated from the sale of the plant’s renewable diesel, sustainable aviation fuel, renewable propane, and renewable naphtha.
To kick off this collaboration, PG&E will be issuing a Contract Opportunity Announcement (COA) for a 10 MW solar plant to be located at the refinery site in Bakersfield.
In addition, GCEH has purchased two electric railcar movers for use at the refinery, which are expected to be eligible for substantial cost savings under PG&E’s “EV Fleet” program.
“Combining the talents and extensive experience of GCEH’s energy and sustainability team with that of PG&E’s provides a winning combination in helping the refinery site to be a more profitable and a more sustainable operation, while doing its part to address the impacts of climate change,” said Richard Palmer, CEO of Global Clean Energy Holdings.
“We are thrilled to partner with PG&E on this important group of projects to generate renewable power, and to optimize the integration of various systems and technologies at our Bakersfield Refinery,” said Richard Palmer. “These projects are intended to significantly reduce the refinery’s operating costs and further reduce the carbon intensity of our finished renewable transportation fuels.”
“This is an exciting collaboration,” said Aaron August, Vice President of Business Development and Customer Engagement for PG&E. “Our SST team is perfectly positioned to assist customers like GCEH drive significant cost and carbon reductions behind the meter by designing and installing ‘state of the art’ green energy systems. We’re proud to be doing this kind of work, day in and day out, for our customers.”
About Global Clean Energy Holdings
Global Clean Energy Holdings, Inc. (“GCEH”) is a uniquely positioned vertically integrated renewable fuels company. GCEH’s farm-to-fuel strategy has been in place since the inception of its business, to control the full integration of the entire biofuels supply chain from the development, production, processing, and transportation of feedstocks through to the refining and distribution of renewable fuels. GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from non-food-based feedstocks. More information can be found online at www.gceholdings.com.
Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements” of Global Clean Energy Holdings, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, the Company’s ability to reduce its operating costs and its carbon intensity, are forward-looking statements and are subject to a number of risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
What is the agreement between Global Clean Energy Holdings and PG&E?
Global Clean Energy Holdings signed a Master Services Agreement with PG&E to implement renewable generation and energy management projects at its Bakersfield Renewable Diesel Refinery.
What projects will PG&E implement for Global Clean Energy Holdings?
PG&E will oversee projects including a 10 MW solar plant and various energy efficiency upgrades at the Bakersfield Refinery.
How will the agreement impact GCEH's operating costs?
The projects are expected to significantly reduce the refinery's operating costs and overall carbon intensity.
What benefits will GCEH gain from reducing carbon intensity?
Reducing carbon intensity will increase the value of the Low Carbon Fuel Standard (LCFS) credits generated from GCEH's renewable fuels.
