AMES, Iowa--(BUSINESS WIRE)-- Renewable Energy Group, Inc. (NASDAQ:REGI) is expanding its division that sells heating oil and petroleum diesel along with biodiesel blends by offering additional biofuel blends in New York, Minnesota and Iowa, the company announced today.
REG Energy Services, LLC will offer ultra-low sulfur heating oil and diesel (ULSHO/ULSD) blended with up to 20 percent biodiesel at its New Hyde Park, NY terminal. In addition, ULSD blended with biodiesel will be offered at Minnesota terminals in Alexandria, Mankato, Roseville and Rochester and Iowa terminals in Mason City and Des Moines. This adds ULSD to REG's existing biodiesel offerings at those locations.
This is the first time REG Energy Services will offer biodiesel fuel blends along the Magellan Midstream Partners terminal system in Iowa and Minnesota. Iowa has a 4.5 cent per gallon incentive for retailers utilizing blends of 5 percent and above. Minnesota has a B5 requirement in the winter when using ULSD and B10 during the summer months.
"This expansion of REG Energy Services provides further access to our fuel portfolio in the Northeast and Midwest markets where we will now offer biodiesel fuel blends in addition to REG-9000™ biodiesel," said Gary Haer, REG Vice President, Sales and Marketing. "Biodiesel blended fuel provides a convenient solution that further improves REG's ability to better meet our customers' needs and growing demand, while enhancing America's energy and food security, and our environment."
REG now offers fuel at 34 locations across the US. For more information, visit the REG website at www.regi.com.
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.
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 the expected favorable impact of the Company's plant upgrades and the future growth of its markets. 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, 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 the REG Geismar renewable hydrocarbon diesel plant, will be able to produce renewable diesel consistently or profitably; and other risks and uncertainties described from time to time in REG's annual report on Form 10-K, 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.
Anthony Hulen, 703-822-1972
Executive Director, Corporate Affairs