HOUSTON, Oct. 28, 2019 /PRNewswire/ -- Global Clean Energy, Inc. (OTC PINK: GCEI) has been fully engaged to get its Algae REIT project to the point of finalization. GCE has selected the property to be used for building out its fully enclosed algae feed stock production facility. The property is a total of 20+ acres and has enough land mass for 2 acres of research land devoted to algae feed stock development. The company will give the final presentation for REIT funding the second week of November, now that the configuration is completed. The total amount of the REIT funding is $50 million, the offering price has yet to be determined. The REIT participants will be announced upon commitments received.
The growth of algae products has exploded, the company is in the process of getting sales contracts, primarily for fertilizer and feed stocks for animals. When the algae product is used for those purposes both the market products and meat are organic. At present vegetables and meat are selling over 20% higher than non-organic. Food applications of algae has proven to be an inexpensive and environmentally friendly way of providing Omega -3. Likewise, direct use of algae in food products range from Beyond meat to chocolate bars. The products market is projected to be $5.17 billion by 2023.
The Algae REIT facility will be producing product for a nearly zero carbon base system. Electricity will be produced by solar panels, which research is being done that algae application could increase efficiency by a factor of 5. The only ongoing carbon usage will be the trucking of product to market.
The financials based on the last quarter pricing of algae sales and processing costs show that product sales prices have risen from a low of 15% to a high of 32% depending on application. Its estimated build out of the first 10 acres will take 90 days and first harvesting revenue would begin within 60 days.
The company is pleased with its progress especially when you take in the consideration that this format is the first of its kind in terms of tapping the capital's mark and the continued upward trends in algae use and research.
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SOURCE Global Clean Energy, Inc.