NOTE: A video news release for the event can be accessed here: https://www.youtube.com/watch?v=ivjwBx754qo
(AMES, IA) --- Renewable Energy Group, Inc. (NASDAQ: REGI) leaders celebrated the beginning Friday of an expansion and upgrade of the laboratory at the company’s Ames, Iowa headquarters to further enhance renewable chemical related biotechnology research, development and commercialization.
The lab expansion will include the installation of fermentation equipment and significant analytical capabilities. Upon completion, full-time positions will be added to focus on commercialization and integration of products to be developed by REG in South San Francisco into production and delivery platforms.
“This expansion is simply one of many examples of REG’s commitment to innovation and economic development in Iowa and in particular Ames which is a cornerstone of Iowa’s Cultivation Corridor,” said REG President and CEO Daniel Oh. “These upgrades will allow us to increase our midwestern focus on product development for renewable chemicals.”
Local and state business and community leaders joined REG employees for the groundbreaking ceremony and say the benefits from projects like this reach far and wide.
“Technology investments like expanding lab capabilities in the Ames community enhance Iowa State University’s ability to market the community and place our students in their chosen field,” said Dr. Steven Leath, Iowa State University President. “Retention of top talent is vital in economic development and Iowa as a global leader in agbioscience, biorenewables, biotech and advanced manufacturing industries.”
“The Iowa Economic Development Authority (IEDA) is dedicated to cultivating innovation and economic growth in our state of Iowa,” said IEDA Director Debi Durham. “REG’s commitment and investment in Ames shows Iowa is primed for a new era in biotechnology, focused on using agricultural feedstocks to make high value products.”
Oh said legislation expected to be signed soon Governor Terry Branstad and approved by the Iowa legislature this week, which will provide tax credits for the renewable chemical industry, should provide extra momentum for REG’s investment in the field. “The state’s efforts to promote and grow renewable chemicals are a natural extension of the state’s support of agriculture and renewable fuels. This bill shows commitment and purpose and demonstrates that the investment is desired here in Iowa, and we are thankful for the support of our elected officials in getting it done. ”
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 certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the development and commercialization of renewable chemicals and other products using REG’s proprietary biotechnology platform. 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: that REG has incurred significant costs and has not generated any revenue from sales of renewable chemicals or other products developed through its research and development activities; REG’s ability to develop products from its proprietary biotechnology processes that are competitively priced and accepted in the market as an alternative to chemical products currently in use; REG’s ability to produce commercial scale quantities of such products, which may involve significant capital expense; that customers may impose lengthy product qualification procedures for these products; that competitors may develop superior products; 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, which is on 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.