REG Breaks Ground for Ralston Biorefinery Expansion
12 November 2016 - 2:26AM
Business Wire
Company’s First Plant to Grow from 12 Million
to 30 Million Gal. Nameplate Capacity
NOTE: A video on this topic can be viewed here:
https://youtu.be/h-ByfK_Vzzs
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20161111005413/en/
Iowa Governor Terry Branstad and Lt. Gov.
Kim Reynolds (center) join Renewable Energy Group leaders to break
ground on the expansion project that will increase REG Ralston's
nameplate capacity to 30 million gallons. (Photo: Business
Wire)
Renewable Energy Group (NASDAQ: REGI) held a groundbreaking
ceremony Tuesday to formally launch a $24 million expansion of its
Ralston, IA biorefinery from 12 million to 30 million gallons of
annual nameplate production capacity.
Iowa Governor Terry Branstad and Lieutenant Governor Kim
Reynolds were the featured guests at the event attended by several
business leaders and elected officials.
”REG Ralston has been an efficient biorefinery with an ample
supply of lower cost, lower carbon intensity feedstock next door
connected by a pipe, and the original nameplate capacity was tied
to the output of soybean oil from the adjacent crush,” said Daniel
J. Oh, President. “This expansion matches the greater output volume
from the newly expanded soy crush at Landus Cooperative.”
In addition to the capacity expansion, the project will include
logistics improvements and other site enhancements. Up to $20
million in long-term debt financing is expected to be provided for
this project.
“The decision by Landus Cooperative to expand their soy crush
facility presented REG with an excellent, efficient opportunity,”
said Brad Albin, Vice President, Manufacturing. “With a greater,
adjacent feedstock supply and our history of continuous
improvements, this capacity expansion is a logical investment.”
Branstad recalled the history behind the Ralston facility. "I
was here in the 1990’s when biodiesel was just a dream,” he said.
“I am honored to participate in the expansion of Iowa’s first
continuous flow biodiesel plant. REG has demonstrated an ongoing
commitment to investing in Iowa and building a future for this
state in home grown, advanced biofuel.”
Once completed, the Ralston expansion will increase REG’s
cumulative nameplate capacity from its 11 active biomass-based
diesel plants across the US to 470 million gallons annually.
A video on the REG Ralston expansion and the plant’s history,
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 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 forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to opportunity for future
growth, expansions in adjacent feedstock supply, the expected
availability of financing to finance the Ralston expansion project,
and expected increases to REG’s cumulative nameplate capacity.
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;
availability of capital sources to finance the Ralston expansion
project; 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
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161111005413/en/
Renewable Energy GroupAnthony Hulen,
703-822-1972anthony.hulen@regi.com
Renewable Energy (NASDAQ:REGI)
Historical Stock Chart
From Apr 2024 to May 2024
Renewable Energy (NASDAQ:REGI)
Historical Stock Chart
From May 2023 to May 2024