Booster and Chevron Renewable Energy Group Enter Strategic Partnership to Offer Mobile Delivery of Sustainable Fuels
Chevron Renewable Energy Group Invests in Booster and Becomes an Exclusive Supplier of Renewable Fuel
SAN MATEO, Calif. – Nov. 10, 2021 – Booster , the tech-enabled energy delivery service, and Chevron Renewable Energy Group , a leading producer and provider of lower carbon fuels, today announced a first-of-its-kind partnership to provide mobile delivery of renewable diesel, biodiesel, and blended fuels to fleets. The service started in California in August and has the potential to grow nationally.
The Booster / Chevron Renewable Energy Group collaboration makes low-carbon fuels more accessible to clients, with convenient mobile fueling services provided by Booster. As businesses and fleets look for more sustainable solutions, Chevron Renewable Energy Group's bio-based diesel is easy to adopt and immediately begins reducing fossil carbon emissions. Under the new partnership, Chevron Renewable Energy Group's UltraClean Blend™ and other renewable and biodiesel fuels will be delivered to customers via Booster’s proprietary trucks, last-mile technology platform and certified drivers.
"This new service will let companies seamlessly transition their fleets to much lower-emission fuels with no equipment or infrastructure costs," said Frank Mycroft, CEO and co-founder, Booster. "Our partnership with Chevron Renewable Energy Group will provide fleet operators with an ‘easy button’ to solve their sustainability, energy reliability and operational efficiency needs. Combining Booster and Chevron Renewable Energy Group capabilities also offers fleet managers the data and intelligence required to meet increasingly ambitious environmental standards and business optimization targets.”
As part of the partnership, Chevron Renewable Energy Group will be an exclusive supplier of bio-based diesel to Booster, and has become an investor in the company. Booster will also be an exclusive mobile fueler to Chevron Renewable Energy Group and will partner with them to explore expansion opportunities together.
“This collaboration is a perfect match for us, bringing together two innovative, sustainable solutions and building on our downstream strategy to reach customers and provide a first-class experience,” said Chevron Renewable Energy Group Senior Vice President, Sales & Marketing, Bob Kenyon. “The energy transition is happening and this is the right place and right time for customers to adopt bio-based diesel and immediately reduce emissions in an easy and efficient manner. Our investment in Booster solidifies our commitment to enabling consumers with the ability to access clean fuel choices.”
Enterprise Holdings is a customer of Booster and the company’s venture capital arm, Enterprise Holdings Ventures, is a Booster investor. In addition, the company’s affiliate Enterprise Fleet Management partners with Booster to deliver fuel services to small-to-medium sized fleets. “We applaud Booster and Chevron Renewable Energy Group for expanding service to include diverse renewable products that help existing fleets reduce environmental impact and realize their sustainability goals. This innovation is an essential component to the important vehicle decisions fleet operators make,” said Brice Adamson, Executive Vice President, Enterprise Fleet Management.
The Chevron Renewable Energy Group / Booster collaboration will initially focus on servicing fleet customers in California, starting with the San Francisco Bay Area and Orange County, with additional markets to follow.
For more information about the service and partnership, visit the Booster and Chevron Renewable Energy Group websites.
About Chevron Renewable Energy Group
Chevron Renewable Energy Group is leading the energy industry's transition to sustainability by converting renewable resources into high-quality, cleaner fuels. Chevron Renewable Energy Group is an international producer of -lower carbon fuels and one of North America’s largest producers of advanced biodiesel. Chevron Renewable Energy Group solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. Chevron Renewable Energy Group utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. Chevron Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future. For more information, visit regi.com.
Booster is a tech-enabled mobile energy delivery company providing a more sustainable fueling experience to fleets and consumers. The company’s proprietary mini-tankers deliver energy directly to fleet and consumer customers to help them save on costs and meet decarbonization goals. At the same time, Booster’s data insights help fleet managers optimize their businesses. Booster has raised more than $108 million in funding from firms such as Invus Opportunities, Conversion Capital, Enterprise Holdings Ventures, Madrona Venture Group, Maveron, Perot Jain, L.P., Total Carbon Neutrality Ventures and Vulcan Capital. For more information, visit boosterusa.com.
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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 market conditions, industry trends and demand, and our outlook about the future, including with respect to our partnership with Booster. 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, the availability, future price, and volatility of feedstocks; the availability, future price and volatility of petroleum and products derived from petroleum; the Company’s financial performance, including revenues, cost of revenues and operating expenses; changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2 in the United States, renewable fuel policies in Canada and Europe, and state level programs such as California's Low Carbon Fuel Standard; availability of federal and state governmental tax incentives and incentives for bio-based diesel production; changes in the spread between bio-based diesel prices and feedstock costs; the potential impact of COVID-19 on our business and operations; risks associated with fire, explosions, leaks and other natural disasters at our facilities; any disruption of operations at our Geismar renewable diesel refinery (which would have a disproportionately adverse effect on our profitability); the unexpected closure of any of our facilities; the effect of excess capacity in the bio-based diesel industry and announced large plant expansions and potential co-processing of renewable diesel by petroleum refiners; unanticipated changes in the bio-based diesel market from which we generate almost all of our revenues; seasonal fluctuations in our operating results; potential failure to comply with government regulations; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of bio-based diesel production or the development of energy alternatives to bio-based diesel; our ability to successfully implement our acquisition strategy; the Company’s ability to retain and recruit key personnel; the Company's indebtedness and its compliance, or failure to comply, with restrictive and financial covenants in its various debt agreements; risks associated with customer negotiations; the risk that measures intended to remediate weaknesses in internal controls will prove to be inadequate; the potential for our risk management program to fail to minimize volatility; and other risks and uncertainties described in REG’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed 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.