REG acquires 30mgy biodiesel plant in asset purchase

Renewable Energy Group (REG), the largest biodiesel producer in the US, has finalised the acquisition of the majority of SoyMor Biodiesel's Albert Lea, Minnesota assets.

The assets include the company's biodiesel plant and the soya lecithin facility assets of SoyMor Cooperative in exchange for common stock and the assumption of certain liabilities.

The biodiesel plant has been out of service since 2008.

The purchase of the Albert Lea facility will bring REG's owned and operated capacity to over 210 million gallons.

'With nationwide demand for biodiesel growing steadily through the implementation of the Renewable Fuels Standard (RFS2) and Minnesota's continued biodiesel consumption leadership, we expect to quickly ramp up production at REG Alberta Lea,' says Jeff Stroburg, CEO of REG. 'Our REG manufacturing team is already onsite at the facility to restart the biodiesel process in order to have high quality, REG-9000 biodiesel available in the market very soon.'

The plant will create 20 fulltime jobs.