REG Supports EPA Final Rule Increasing Advanced Biofuel RVO
November 23 2016 - 12:53PM
Business Wire
Renewable Energy Group (NASDAQ: REGI) leaders voiced support for
EPA’s increase in the Advanced Biofuel Renewable Volume Obligation
(RVO) released today.
EPA increased the total Advanced Biofuel RVO above its proposed
4.0 billion ethanol-equivalent gallons to 4.28 billion gallons, a
670 million gallon increase over 2016. Biomass-based diesel
supplied the vast majority of fuel used to meet the Advanced
Biofuel RVO in 2016. This increase in the Advanced Biofuel RVO
should provide increased demand for the clean, low-carbon intensity
biomass-based diesel produced by REG.
EPA also confirmed the Biomass-Based Diesel RVO of 2.1 billion
gallons for 2018, which is 100 million gallons over the final 2017
level and 200 million gallons above the 2016 minimum volume.
“While our industry has shown that higher volumes of
biomass-based diesel can and will be produced and consumed, this
final rule elevates the growth trajectory for our cleaner, lower
carbon intensity advanced biofuel,” said Daniel J. Oh, President
and Chief Executive Officer. “Biomass-based diesel will continue to
lead the way. We appreciate the support of those at the EPA, many
others throughout the Administration and our bi-partisan champions
on Capitol Hill who all helped make this possible.”
REG is North America’s largest biomass-based diesel producer and
marketer with 11 active biomass-based diesel refineries across the
U.S. that have a combined nameplate production capacity of 452
million gallons.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading provider of cleaner,
lower carbon intensity products and services and is North America’s
largest producer of biomass-based diesel. 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 certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 as amended, including statements regarding potential
continued growth for the biomass-based diesel that we produce and
increased demand for REG’s products.
These forward-looking statements are based on current
expectations, estimates, assumptions and projections that are
subject to change, and actual results may differ materially.
Factors that could cause actual results to differ materially
include, but are not limited to, potential changes in governmental
programs and policies and federal and state governmental tax
credits and incentives requiring or encouraging the use of
biofuels, including RFS2, and biomass-based diesel production;
changes in the spread between biomass-based diesel prices and
feedstock costs; the future price and volatility of feedstocks,
petroleum, and products derived from petroleum; risks associated
with fire or explosion at our facilities, including potential
losses associated with the fires at our Geismar facility; the
effect of excess capacity in the biomass-based diesel industry;
unanticipated changes in the biomass-based diesel market from which
we generate almost all of our revenues; seasonal fluctuations in
our operating results; 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 successfully implement our
acquisition strategy; our ability to use our development stage life
sciences technologies to produce renewable chemicals, fuels and
other products on a commercial scale and at a competitive cost, and
customer acceptance of the products produced; the significant
capital expenditures required to produce commercial quantities of
renewable chemicals; and other risks and uncertainties described
from time to time in REG's annual report on Form 10-K for the year
ended December 31, 2015, quarterly reports 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/20161123005595/en/
Renewable Energy GroupAnthony Hulen,
703-822-1972anthony.hulen@regi.com
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