AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ: REGI) President and CEO Daniel J. Oh released the following statement after Iowa House and Senate passage of legislation extending biofuel production and retail incentives through 2024. The legislation adjusts the current retail incentive for fuel containing a minimum 5 percent biodiesel blend (B5) to 3.5 cents per gallon and creates a new 5.5 cents per gallon incentive for blends of B11 or more. It now goes to the Governor for final consideration:
“We at REG are very pleased and even more grateful for the overwhelming support from Iowa lawmakers to extend and improve these worthwhile incentives. The proven benefits of higher biodiesel blends are becoming more well-known and this legislation is further recognition that expanded biodiesel production and consumption works for Iowa’s economy.”
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 12 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.