ALBERT LEA, Minn. - August 3, 2017 (Investorideas.com Newswire) Renewable Energy Group, Inc. (NASDAQ:REGI) leaders commended Minnesota officials Tuesday for certifying that the state can move from a 10 percent biodiesel blend (B10) to a 20 percent blend (B20) requirement for summertime months beginning May 1, 2018.
"Minnesota has been a leader in proving the benefits of higher biodiesel blends and this is another pioneering step toward cleaner air, energy security and value-added agriculture," said Gary Haer, Vice President, Sales & Marketing. "REG and our biodiesel industry partners will be ready to deliver the approximately 30 million additional gallons of cleaner-burning biodiesel to Minnesota consumers during the summer months which will improve both the state's economy and environment."
The state of Minnesota was an early adopter of biodiesel legislation and is a leader in biodiesel consumption. The usage requirement began in 2005 at B2 then moved to B5 in 2009 and B10 in 2014 for the summertime period between May 1 and September 30. The state has a B5 minimum requirement year-round.
"We would like to thank the Minnesota legislature, agencies and our industry partners for their on-going advocacy and cooperation throughout this process," said Randy Howard, Interim President and CEO. "REG is committed to being the leading provider of cleaner, home-made fuel to Minnesota families that improves their quality of life while adding even more value to the state's economy."
REG owns and operates a multi-feedstock biodiesel refinery in Albert Lea, MN with a demonstrated production capacity of 40.8 million gallons that employs 33 full-time workers. In 2016, the Albert Lea plant saw over 11,000 trucks and 1,000 railcars of feedstock and biofuel loaded and unloaded, and purchased over 182 million pounds of feedstock from Minnesota vendors.
About Renewable Energy Group
Renewable Energy Group, Inc. (NASDAQ:REGI) is a leading provider of cleaner, lower carbon intensity products and services. We are an international producer of biomass-based diesel, a developer of renewable chemicals and are North America's largest producer of advanced biofuel. REG utilizes an integrated procurement, distribution, and logistics network to convert natural fats, oils, greases, and sugars into lower carbon intensity products. With 14 active biorefineries, a feedstock processing facility, research and development capabilities and a diverse and growing intellectual property portfolio, REG is committed to being a long-term leader in bio-based fuel and chemicals.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the company's ability to supply biodiesel in Minnesota.
These forward-looking statements are based on current expectations and assumptions, are subject to change, and actual results may differ materially. Factors that could cause actual results to differ materially include changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2; availability of federal and state governmental tax incentives and incentives for biomass-based diesel production, including possible changes in the spread between biomass-based diesel prices and feedstock costs; the future price and volatility of feedstocks; the future price and volatility of petroleum and products derived from petroleum; risks associated with fire, explosions, leaks and other natural disasters at our facilities; the effect of excess capacity in the biomass-based diesel industry; unanticipated changes in the biomass-based diesel market; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; our ability to generate revenue from the sale of renewable chemicals, fuels and other products on a commercial scale and at a competitive cost, and customer acceptance of the products produced; and other risks and uncertainties described in REG's annual report on Form 10-K for the year ended December 31, 2016, quarterly report on Form 10-Q for the quarter ended March 31, 2017 and from time to time in the company's other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
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