Iowa Biodiesel Board Welcomes Approval of Chevron’s Acquisition of REG
June 14, 2022
(ANKENY, Iowa) – The Iowa Biodiesel Board welcomed the approval of Chevron Corporation’s acquisition of Renewable Energy Group, Inc., a leading biodiesel and renewable diesel producer headquartered in Ames, Iowa. Chevron says the move is expected to accelerate progress toward the company’s goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030.
Grant Kimberley, Iowa Biodiesel Board executive director, issued the following statement:
“We congratulate Chevron on the acquisition of REG, a company at the forefront of the bourgeoning renewable energy industry. REG is an indisputable pioneer of the biodiesel and renewable diesel landscape we see today. We look forward to future collaboration and a continued partnership as REG becomes Chevron’s renewable fuels business headquarters.
“We expect that the insatiable demand for low carbon energy solutions will only grow in the U.S., and our state’s 11 biodiesel plants are in a good position to flourish. Strong state policy recently signed by Governor Kim Reynolds will shore up Iowa’s position as the nation’s leading biodiesel producer, and the state will capture the economic benefits for low carbon fuel demand.
“We commend Chevron for recognizing that renewable fuels are important products that can help reduce the life cycle carbon intensity of transportation fuels while meeting the world’s growing energy needs.”
Renewable Energy Group is an international producer of cleaner fuels and one of North America’s largest producers of biodiesel. REG operates 12 biorefineries in the U.S. and Europe, including three in Iowa, located in Mason City, Newton and Ralston. The company employs about 900 people, with more than half located in Iowa.
Biodiesel is an advanced biofuel made from agricultural byproducts and co-products, such as soybean oil. The Iowa Biodiesel Board is a state trade association representing the biodiesel industry.