Clean Fuels Alliance America has welcomed news that Chevron Corp. has finalised its acquisition of Renewable Energy Group (REG) – an alliance member.
As the acquisition is finalised, Chad Stone, of REG, will continue to lead the Clean Fuels governing board as chair.
“This is a meaningful acquisition for our industry and for Clean Fuels for many reasons,” said Alliance CEO Donnell Rehagen, who noted that Iowa-based REG has been an association member since 2006.
“REG has been a leader in our industry from its inception, being one of the very first companies to build a biodiesel plant in the US. This leadership in renewable fuels, coupled with the history and strength in the energy sector Chevron brings, will continue to build on the momentum our industry is experiencing as the country continues on its path of carbon reduction through cleaner fuels.”
With 11 biorefineries in the US and Europe and more than half a billion gallons of production of biodiesel and renewable diesel, REG is also one of Clean Fuels’ largest members in terms of fuel production.
California-based Chevron has steadily grown its clean fuels business, actively marketing its Renewable Diesel Blend at the pump in California. REG will remain headquartered in Ames, Iowa, and the team will focus on growing Chevron’s portfolio of lower carbon fuels and feedstocks. The combined company is committed to harnessing complementary cultures and proven track records of developing innovative technologies to grow its renewable fuels production capacity to 100,000 barrels per day by 2030.
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