Camelina biofuels company attracts new owner

US-based renewable energy company Global Clean Energy (GCE) has acquired Sustainable Oils, a biofuels producer in Montana, from biotechnology company Targeted Growth.

The deal saw GCE exchange a $1.3 million (€996,000) promissory note and 40 million common shares to take ownership of the business that works primarily with camelina seeds.

‘This transaction is in line with our plan to be established as a diversified multi-crop, renewable feedstock producer,’ GCE CEO Richard Palmer says.