AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. released an update today on the April 2 fire at its Geismar, Louisiana biorefinery.
Our highest concern is the continuing recovery of the two employees who were injured last Thursday. We also appreciate the cooperation and understanding of our customers, vendors and service providers during this time.
While preliminary damage assessments are still ongoing, the damage appears to be contained to a limited area of the production facility. The Company’s current expectation, subject to change, is that it should take 2-4 months to restore operations. The Company plans to incorporate a one-month maintenance shutdown that was previously scheduled for this summer to bring filtration and other upgrades online during the restoration time period.
The Company expects that it will be able to resume loadout operations for Renewable Hydrocarbon Diesel in inventory later this week.
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 timing for resumption of operations at its Geismar facility. 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, final damage estimates for the Geismar facility, the availability of materials to repair the Geismar facility, 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.