Global Clean Energy Holdings (GCEH) is a pre-revenue renewable fuels company building a vertically integrated business spanning proprietary crop genetics, farming, and fuel production. On the upstream side, GCEH owns and licenses patented varieties of Camelina sativa, an oilseed crop grown on fallow agricultural land. GCEH contracts with farmers in the U.S., Europe, and South America to grow Camelina, extracts the oil for use as fuel feedstock, and sells the protein-rich meal as livestock feed. On the downstream side, GCEH is converting a former petroleum refinery in Bakersfield, California into a renewable fuels facility with a nameplate capacity of 15,000 BPD, designed to produce renewable diesel (RD) as its primary product. The Facility has not yet commenced operations and has faced significant construction delays. The core economic logic of GCEH's vertical integration is that Camelina-based RD carries a materially lower carbon intensity (CI) score than soy-based RD, generating more California Low Carbon Fuel Standard (LCFS) credits per gallon and therefore higher revenue per gallon sold. GCEH's RD also generates federal Renewable Identification Number (RIN) credits and qualifies for a federal blenders' tax credit. Until Camelina production scales, the Facility will rely on soybean oil and other conventional feedstocks. GCEH's primary offtake customer, ExxonMobil, terminated a 742.5M-gallon supply agreement in 2023 after the Facility missed its contracted start date, and GCEH is pursuing alternative offtake arrangements.