AMES, Iowa--(BUSINESS WIRE)-- Renewable Energy Group, Inc. (NASDAQ: REGI) announced today a partnership between its blended fuels division and CyRide, the transit agency serving the City of Ames and Iowa State University, to supply biodiesel blended fuel in 2015 for its CyRide bus fleet.
REG Energy Services, LLC began providing 350,000 gallons of fuel with biodiesel blends of up to 20 percent for CyRide’s 78 buses January 1. The agreement is REG’s first with a municipality.
“We want to thank CyRide for choosing REG Energy Services as its 2015 fuel partner,” said Don Nelson, REG Director, Regional Sales. “As REG Energy Services expands, we look forward to the opportunity to work with municipalities to provide a high-quality product that provides for energy and food security, job creation and environmental stewardship.”
Ames will increase its use of biodiesel from previous years under the agreement, which provides buses with higher blends of the advanced biofuel during the summer months. The CyRide fleet serves an average of 40,000 riders daily and operates approximately 1.2 million miles a year. The city will see carbon dioxide emission reductions of as much as 658 metric tons in 2015 with the increased biodiesel blends.
REG Energy Services serves customers in the Midwest and Northeast with biodiesel blended fuel, Ultra Low Sulfur Diesel (ULSD) and heating oil. Fuel for CyRide will come from the division’s Magellan terminal in Des Moines.
“We are pleased to be able to cost effectively operate this essential community service in an environmentally sustainable manner using biodiesel fuel,” said Sheri Kyras, Ames Transit Director. “Everyone benefits from this partnership.”
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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the expected production and financial benefits of the Newton plant upgrades. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change. Actual results may differ materially from the forward-looking statements due to a variety of factors including, but not limited to, risks associated with changes to government policy or regulation, including RFS2 and governmental tax credits and incentives; changes in the spread between biomass-based diesel prices and feedstock costs; the future price volatility of feedstocks, petroleum and products derived from petroleum; the effect of excess global capacity in the biomass-based diesel industry; unanticipated changes in the US biomass-based diesel markets; seasonal fluctuations in operating results; market competition; dependence on sales to a single customer; technological advances, 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, 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.
Renewable Energy Group, Inc.
Anthony Hulen, +1-703-822-1972
Executive Director, Corporate Affairs
Source: Renewable Energy Group, Inc.
Released January 5, 2015