AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ: REGI) announced today a partnership between its blended fuels division and CyRide, the transit agency serving the City of Ames and Iowa State University, to supply biodiesel blended fuel in 2015 for its CyRide bus fleet.
REG Energy Services, LLC began providing 350,000 gallons of fuel with biodiesel blends of up to 20 percent for CyRide’s 78 buses January 1. The agreement is REG’s first with a municipality.
“We want to thank CyRide for choosing REG Energy Services as its 2015 fuel partner,” said Don Nelson, REG Director, Regional Sales. “As REG Energy Services expands, we look forward to the opportunity to work with municipalities to provide a high-quality product that provides for energy and food security, job creation and environmental stewardship.”
Ames will increase its use of biodiesel from previous years under the agreement, which provides buses with higher blends of the advanced biofuel during the summer months. The CyRide fleet serves an average of 40,000 riders daily and operates approximately 1.2 million miles a year. The city will see carbon dioxide emission reductions of as much as 658 metric tons in 2015 with the increased biodiesel blends.
REG Energy Services serves customers in the Midwest and Northeast with biodiesel blended fuel, Ultra Low Sulfur Diesel (ULSD) and heating oil. Fuel for CyRide will come from the division’s Magellan terminal in Des Moines.
“We are pleased to be able to cost effectively operate this essential community service in an environmentally sustainable manner using biodiesel fuel,” said Sheri Kyras, Ames Transit Director. “Everyone benefits from this partnership.”
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, including
statements regarding the expected production and financial benefits of
the Newton plant upgrades. 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.