AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) announced today that one of its subsidiaries has received approval from a Mississippi court to purchase certain equipment at the KiOR Columbus, LLC production facility.
Under the approved asset purchase agreement, REG Synthetic Fuels, LLC paid $1.5 million, plus certain expenses related to equipment preparation, to acquire various physical assets at the Columbus, MS plant, including a 12-million gallon hydrotreating unit, distillation column and tankage.
“These are quality assets we were able to purchase for a very good value,” said Brad Albin, Vice President, Manufacturing. “We plan to re-locate and utilize the equipment for future advanced biofuel or renewable chemical projects.”
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 11 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 certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 as amended, including
statements regarding the purchase of certain equipment from the KiOR
Columbus, LLC production facility; the quality of the assets purchased
and the potential benefits of the transactions. These forward-looking
statements are based on current expectations, estimates, assumptions and
projections that are subject to change, and actual results may differ
materially from the forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to the
satisfaction of closing conditions to the transaction and other risks
and uncertainties described from time to time in REG's quarterly reports
on Forms 10-Q for the period ended June 30, 2015, annual report on Form
10-K for the year ended December 31, 2014 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.