AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ: REGI) President & CEO Daniel J. Oh issued the following statement upon President Obama’s signing of legislation which contained a retroactive reinstatement of the $1 per gallon federal Biodiesel Mixture Excise Tax Credit from January 1 through December 31, 2014:
“The biomass-based diesel industry has proven that it provides substantial benefits for energy security, food security, job creation and our environment. We are appreciative to see the reinstatement of the biodiesel tax credit for 2014 and grateful to all the lawmakers who worked to get it done because they understand how those benefits far outweigh any cost of the tax credit. REG will strive to continue being a good steward of the monies we receive from this worthwhile incentive.”
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American advanced biofuels producer and developer of renewable chemicals. 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 10 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 as amended. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change. Actual results may differ materially from the forward-looking statements due to a variety of factors including, but not limited to, risks associated with changes to government policy or regulation, including RFS2 and governmental tax credits and incentives; changes in the spread between biomass-based diesel prices and feedstock costs; the future price volatility of feedstocks, petroleum and products derived from petroleum; the effect of excess global capacity in the biomass-based diesel industry; unanticipated changes in the US biomass-based diesel markets; seasonal fluctuations in operating results; market competition; dependence on sales to a single customer; technological advances, new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; and other risks and uncertainties described from time to time in REG's annual report on Form 10-K, quarterly reports on Forms 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.