REG Celebrates Completion of $34.5 Million Upgrade Project at Danville Biorefinery
October 06 2016 - 7:00AM
Business Wire
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Renewable Energy Group celebrated the
completion of $34.5 million in upgrades to its Danville, IL
biorefinery. Pictured (L to R)---Gary Haer, REG Vice President,
Sales & Marketing; Cong. John Shimkus (R-IL); Brad Albin, Vice
President, Manufacturing; Mike Jackson, REG Board Member; Chad
Stone, Chief Financial Officer; Daniel Oh, President and CEO;
Danville Mayor Scott Eisenhauer; Natalie Merrill, REG Vice
President & Chief of Staff; Paul Calamari, REG Danville Plant
Manager; and Bruce Lutes, REG Danville General Manager. (Photo:
Business Wire)
Renewable Energy Group (NASDAQ: REGI) marked the completion of
$34.5 million in upgrades and enhancements of its Danville, IL
biorefinery Tuesday with a ribbon cutting ceremony and visit by
Congressman John Shimkus (R-IL).
The upgrades include the addition of biodiesel distillation and
other manufacturing upgrades, which will allow the 45 million
gallon nameplate capacity biorefinery to use a wider array of lower
carbon intensity feedstocks. The project also included logistical
improvements such as an additional truck loadout, new warehouse and
office space, and the acquisition and integration of approximately
13 million gallons of biofuel and feedstock storage from the
neighboring Bunge facility, which will significantly improve
year-round production and storage capabilities at REG Danville and
within REG’s logistics system. Additionally, REG acquired property
surrounding the plant complex to increase its footprint from 8
acres to nearly 30.
“This is a culmination of more than two years of work not just
within REG, but also with our contractors, our longtime lending
partner Fifth Third Bank, the city of Danville, Vermillion County,
and local residents,” said Daniel Oh, REG President and CEO. “We
now have a stronger REG Danville that can produce high quality,
lower carbon intensity biofuel from a wider variety of crude raw
materials in a part of the country where they are abundant.”
Area civic and business leaders and contractors involved in the
project joined REG leadership and staff for the ribbon cutting
ceremony. Among the speakers was Illinois Congressman John Shimkus,
a senior member of the House Energy & Commerce Committee and
long-time biodiesel advocate.
“Biodiesel adds value to the economy and it helps improve the
environment, supports jobs throughout the supply chain and
strengthens our energy security,” said Shimkus.
REG acquired the Danville biorefinery in 2010 from Blackhawk
Biofuels, LLC. It is one of the company’s 11 biomass-based diesel
refineries across the U.S. that have a combined nameplate
production capacity of 452 million gallons annually, making REG the
leading producer of advanced biofuels in North America.
A video on the Danville upgrades, part of a series celebrating
REG’s 10-year anniversary as an independent company, can be viewed
at the company’s website, www.regi.com or by clicking here to view
the video on REG’s YouTube channel.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American
advanced biofuels producer and developer of renewable chemicals.
REG utilizes a nationwide production, distribution and logistics
system as part of an integrated value chain model to focus on
converting natural fats, oils and greases into advanced biofuels
and converting diverse feedstocks into renewable chemicals. With 12
active biorefineries across the country, research and development
capabilities and a diverse and growing intellectual property
portfolio, REG is committed to being a long-term leader in
bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of
advanced biofuels which meet or exceed ASTM quality specifications.
REG sells REG-9000 biomass-based diesel to distributors so
consumers can have cleaner burning fuels that help diversify the
energy complex and increase energy security. REG-9000 biomass-based
diesel is distributed in most states in the US. REG also markets
ultra-low sulfur diesel and heating oil in the northeastern and
midwestern US. For more information on REG visit our website at
www.regi.com.
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 relating to the economic, environmental
and other benefits of biodiesel production and how modifications to
REG’s Danville facility will affect production, distribution and
storage capabilities, the types of feedstock that can be utilized
in biodiesel production, and the quality of the biodiesel
produced.
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;
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; availability of federal and state governmental tax
credits and incentives for biomass-based diesel production; risks
associated with fire or explosion 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; technological advances or new methods
of biomass-based diesel production or the development of energy
alternatives to biomass-based diesel; and other risks and
uncertainties described from time to time in REG's most recent
quarterly report on Form 10-Q and 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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version on businesswire.com: http://www.businesswire.com/news/home/20161006005380/en/
Renewable Energy Group, Inc.Anthony Hulen,
703-822-1972anthony.hulen@regi.com
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