Global Clean Energy Holdings, Inc. Letter to Shareholders

LOS ANGELES – (BUSINESS RIGHTS) – Global Clean Energy Holdings, Inc. (OTCQX: GCEH) has released the Proxy Statement and Annual report for the November 17, 2022 annual stockholders meeting. The Annual Report contains the following Letter to Shareholders that provided shareholders with an update on GCEH’s vertically integrated Farm-to-Fuel businesses, including the status of the renovation of the renewable diesel refinery in Bakersfield, California.

Letter of the President to Shareholders

As we prepare for our annual shareholder meeting this fall, I would like to send this letter to all of our shareholders to give you an update on our progress. Our team, now approaching 100 members, is working tirelessly to achieve our goal of building a truly integrated biofuels business value chain. Our Farm-to-Fuels strategy is already underway as we continue to invest in assets and people in our Upstream, Midstream, and Downstream businesses.

I would like to take this opportunity to publicly welcome all our new employees and new board members to the GCEH organization and thank our entire team for their outstanding work. To achieve great things, you need great people … and we continue to be extremely fortunate to attract incredible talent. Our team possesses world experience and creativity, which translates into positive energy and a passion for our overall mission, strategy and purpose.

Since my last update, we have made significant progress in moving our Upstream, Midstream, and Downstream businesses, as well as advancing our corporate goal to uplist our stock on a national exchange.

GCEH – Our progress includes moving our public listing up to the highest level of the OTC Markets listing, the OTCQX Best Market, which is two levels higher than last year. We had already filed an application with the Nasdaq, and our intention was to be listed on the Nasdaq by the end of the year. To be ready for the Nasdaq and position the company for significant near -term growth, we’ve placed several key items:

  • Last quarter, we increased the size of our Board of Directors to five members by adding two experienced independent Board members who will also participate on Board committees (one of whom will also serve as a new head of our Audit Committee).

  • We contacted Grant Thornton LLP, as our newly independent registered public accounting firm, to begin their services for our third-quarter review. Grant Thornton is a large international company with substantial knowledge and deep talent and diversity in agriculture, energy, infrastructure and taxation, making their experience in our businesses and growth well-established.

  • Reporting and compliance processes have been enhanced to comply with Nasdaq requirements, along with a robust delegation of authority, internal controls and processes and procedures.

Up – Sustainable Oils – This year, we have been busy developing both our Camelina plant genelina and our grower relationships, including the following:

Plant genetics – We expanded our portfolio of plant genetics and capabilities with Agribody Technologies, Inc. (ATI), an agricultural biotechnology company. The intellectual property (IP) we acquired in our purchase of ATI includes major patents that could improve Camelina yield and stress tolerance.

New Varieties of Camelina – This year we applied for seven new Camelina patents and submitted six applications of protection of various plants. We planted large acreages of commercial testing of new Camelina varieties to demonstrate their commercial ability to the existing and growing base of farmers. These additional variations will significantly expand our unique Camelina IP portfolio.

Farmer / Farmer Placement -We have entered into strategic relationships with several farmer cooperatives and other large agriculture-based entities to expand Camelina’s adoption fund through their existing grower networks in Montana, Kansas, Colorado and Washington. We will also continue to grow and expand Camelina production through third-party farmers in Idaho and Oregon.

Expanded Facility – We are in the process of relocating the North American headquarters of Sustainable Oils to Great Falls, Montana. This move includes the move to a new state-of-the-art facility, as well as the expansion of our technical and commercial staff. The new, worldwide facility is strategically located in the southern part of Montana’s “Golden Triangle” farming region. Our expanded team of highly experienced geneticists, breeders, agronomists, and commercial crop managers significantly increases our ability to support our grower network. The expanded facility in Montana includes additional technical and commercial capabilities capable of supporting our extensive acreage expansion of Camelina commercial production in the region.

Midstream – We are expanding the segment that is central to our operations to provide grain aggregation, processing, and transportation capabilities for our Camelina growers. To support our expansion in Montana, we are developing three grain aggregation sites along with the assets of an existing cooperative, CHS Inc., in the region. When completed, the new aggregation assets will benefit the cooperative’s resources to optimize our integrated processing and product handling facilities. Our goal is to be fully operational at our first site by the fall 2022 harvest.

Downstream – Bakersfield Renewable Fuels – Our raw oil refining business, which is anchored by our biorefinery in Bakersfield, CA, is on track to be fully operational in the first quarter of 2022. We remain focused on completing construction and preparing to begin our operations. of the refinery in the coming months. We continued to expand our relationships by signing a term purchase agreement with ExxonMobil for the commercialization of our ultra-low carbon feedstock supply and renewable diesel produced in Bakersfield. Our progress towards becoming the nation’s leading, lowest cost manufacturer of ultra-low carbon renewable fuels is accelerating. Farm-to-Fuels ’integrated value chain approach differs us from other renewable fuel producers, both domestically and globally.

To provide our shareholders with more information about our business and operations, we have added our first Corporate Presentation to our website. We hope that the Corporate Presentation will give you more information about our business strategy and unique position in the industry, as well as other general information about us.

In closing, we are expanding our strategic relationships with global entities, such as ExxonMobil and CHS. Together, we continue our pursuit of producing feedless non-food based and advancing towards our goal of “net zero” emitting fuels.

We always appreciate the continued support you put in the vision of our Board of Directors and our management team.

Again, as always, thank you so much … Watch us grow !!!

Warm regards,

Richard Palmer

President and Chief Executive Officer

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