AMES, Iowa, Nov. 01, 2016 (GLOBE NEWSWIRE) -- When Renewable Energy Group (NASDAQ:REGI) built the 12 million gallon continuous flow biorefinery in Ralston, IA in 2001, REG was a division of the former West Central Cooperative (now Landus Cooperative). The plant was then the largest biodiesel refinery in America. Over time, as REG grew into an independent company and became North America’s largest biomass-based diesel producer, the Ralston facility became the company’s smallest nameplate capacity. However, that is about to change
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REG announced plans for its first biorefinery capacity expansion today-a $24 million investment to increase REG Ralston’s annual nameplate production capacity to 30 million gallons. The company will hold a groundbreaking ceremony for the project on Tuesday, November 8 with Iowa Governor Terry Branstad as the featured speaker.
”Ralston is where it all began for REG and the experience and lessons we have learned, and are still learning, have helped our company grow into what it is today,” said Daniel J. Oh, President and CEO.
The REG Ralston expansion announcement comes on the heels of Landus Cooperative expanding their adjacent soy crush operation.
“On behalf of our farmer-owners, we look forward to finalizing plans with REG for their expansion as another way to add value to our soybeans via oil utilization at the Ralston biorefinery,” said John Scott, an Odebolt, Iowa farmer and President of the Landus Cooperative Board of Directors.
“With a greater, adjacent feedstock supply and continuous improvements at REG Ralston, this capacity expansion is a logical investment,” said Brad Albin, REG Vice President, Manufacturing. “We look forward to more good things from this outstanding biorefinery and our continued relationship with Landus Cooperative.”
Once completed, the Ralston expansion would increase REG’s cumulative nameplate capacity from its 11 active biomass-based diesel plants across the country to 470 million gallons annually.
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 our relationship with Landus and the effects of improvements to our Ralston biorefinery.
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 the significant capital expenditures required to produce commercial quantities of renewable chemicals; our ability to convince potential customers to change their well-developed manufacturing processes and arrangements with current suppliers; potential customers’ lengthy and complex product qualification procedures imposed on their suppliers, including consumer preference, manufacturing considerations such as process changes and capital, and other costs associated with transitioning to alternative components, supplier operating history, regulatory issues, product liability and other factors, many of which are unknown to, or not well understood by, us; regulatory registrations and approvals from governmental authorities; the future price and volatility of feedstocks; risks associated with fire or explosion at our facilities; competition in the markets in which we operate; 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.
Media Contact: Anthony Hulen [email protected] (703) 822-1972
Source: Renewable Energy Group, Inc.
Released November 1, 2016