Renewable Energy Group Statement on EPA Proposed Renewable Fuel Volumes
30 May 2015 - 3:46AM
Business Wire
Renewable Energy Group, Inc. (NASDAQ:REGI) President and CEO
Daniel J. Oh issued the following statement after EPA’s release of
the proposed rule for Renewable Volume Obligations (RVO)
biomass-based diesel for 2014-2017 and overall advanced biofuels
for 2014-2016:
“We are positive about today’s EPA announcement related to
proposed biomass-based diesel volumes for 2014-2017 and overall
advanced biofuels for 2014-2016. This proposal reduces uncertainty
and points towards continuing growth for the near future and
beyond. We are very appreciative of our champions on Capitol Hill
and within the administration who worked tirelessly over the last
several months to move RVO numbers upward to where they are now. It
is complicated to manage policy and politics and we believe the
numbers show that federal policy is heading in the right direction.
This is a significant improvement over the original 1.28 billion
gallon 2014 D4 proposal. Considering a potential 20% RIN
carry-over, the proposed RVO suggests biomass-based diesel usage
levels at over 2 billion gallons per year.”
“We believe this proposal leaves room to grow D4 (biomass-based
diesel category) and D5 (general advanced biofuel category) final
RVOs as REG and our industry continue to deliver increasing amounts
of high-quality, cleaner and lower carbon advanced biofuel. When
the EPA and OMB next look towards market performance, they should
have every reason to believe that the biomass-based diesel category
will continue to grow and support ever greater usage throughout the
country.”
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 10
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 our financial
results and trends in our market. These forward-looking statements
are based on current expectations, estimates, assumptions and
projections that are subject to change, and actual results may
differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, final rulemaking by the EPA with respect to the
RVO, which is not expected to occur prior to November 2015,
potential changes in governmental programs and policies requiring
or encouraging the use of biofuels, including RFS2; 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; 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
the technology acquired from LS9 to produce renewable chemicals,
fuels and other products on a commercial scale and at a competitive
cost, and customer acceptance of the products produced; our ability
to successfully integrate Syntroleum and Dynamic Fuels and their
employees into our existing business; whether REG Geismar will be
able to produce renewable hydrocarbon diesel consistently or
profitably; 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, 2014, quarterly reports on Forms 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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Renewable Energy Group, Inc.Anthony Hulen,
703-822-1972Executive Director, Corporate
Affairsanthony.hulen@regi.com
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