May be they're turning the lights back on with this release and more substance to come?
GLOBAL CLEAN ENERGY, INC. UPDATES PYROLYSIS & OTHER PROJECTS
HOUSTON, June 27, 2023 /PRNewswire/ -- Global Clean Energy, Inc. (OTC PINK: GCEI) is a developer of Green Technology projects that will provide clean energy in various forms without negative carbon emissions or footprints. The Company takes seriously its responsibility to its Shareholders to only complete profitable projects, without the requirement of government subsidies, which can change at any time.
Over the last two years, GCEI has done extensive due diligence on multiple opportunities in the clean energy fields including having signed a letter of intent to purchase a pyrolysis project in Indiana out of bankruptcy court. Despite having been closed for some time, the facility was in excellent condition and in a turnkey state of operations. After an extensive detailed due diligence including multiple facility visits, management concluded that the project was not financially viable and would not be able to operate at an acceptable profit margin. More recently, GCEI had negotiated a project for plastics recycling, a major environmental issue. Again, when management applied analysis to the project, it chose not to proceed due to the low profitability.
The Company is currently working on a number of exciting projects that meet our criteria of projected revenue flow and profitability, while at all times creating a cleaner global environment. The Board of Directors of GCEI has selected Black & Veatch as our Engineering, Procurement, Consulting and Construction (EPC) partner. GCEI has been working closely with B&V for over a year. Black and Veatch is a world leading engineering firm with offices throughout the world. The work B&V has done for GCEI is of the highest quality, and management has developed a strong relationship with them.
Two of GCEI's projects that have been in development the longest are in the spaces of Pyrolysis and Algae.
Our Pyrolysis division has selected 10 domestic locations and 3 European locations where pyrolysis facilities can be built on a profitable basis, to assist with the circular economy of taking waste tires and converting them back to their essential elements of oil, recovered carbon black and steel. All these products are in huge demand on a world wide basis.
GCEI will only commence a project if the costs, revenues and potential profit margins meet their requirements on an individual site basis. As soon as management is able to release its financing commitment, that information will be shared. The financing package was completed with the assistance of Black & Veatch and Niutech, our pyrolysis technology provider. Every location will be established as a Special Purpose Vehicle with liability limited to each specific site. Each location will be a singular profit center, and all sites shall be owned or controlled by GCEI. The project cost per site shall vary between $40,000,000- $50,000,000 depending on availability of feedstock and number of pyrolysis lines being installed. The revenues projected per site shall be between $18,000,000- $28,000,000 per site with an anticipated EBIDTA of 27%.
GCEI has entered into binding Letter of Intent that is subject to ongoing due diligence and negotiations with a North American technology provider to develop a Joint Venture using patented sonication technologies for oil sands sulfur reduction process, oils sands sonication and the development of a technology for pyrolysis recovered Carbon Black sonication.
The Algae division is being established as an Algae REIT. It is in the final negotiations of a public offering. GCEI will be the managing general partner and retain 20% of the REIT. The Offering is projected to raise $34,000,000 net after an Underwriting fee of 8.5%. The company has selected three locations in the southern United States of what will be multiple additional locations.
Management is optimistic with its four pronged approach and certain that they will be updating shareholders and the investment community shortly as the projects and financings materialize.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to certain sections of the Securities Act 1933 and the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Global Clean Energy Inc. and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate, and readers should not place undue reliance on any such forward-looking statements contained herein. Global Clean Energy Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
View original content:https://www.prnewswire.com/news-releases/global-clean-energy-inc-updates-pyrolysis--other-projects-301864871.html
SOURCE Global Clean Energy, Inc.
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