AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) President and CEO Daniel J. Oh issued the following statement after the EPA’s release of the proposed rule for Renewable Volume Obligations (RVO) that calls for 2.1 billion gallons of biomass-based diesel for 2018 and 4.0 billion ethanol equivalent gallons of overall advanced biofuels for 2017:
“We are pleased that EPA has again proposed continued growth of biomass-based diesel and overall advanced biofuel volumes. This proposal provides greater certainty in the marketplace, reflects the expanding usage and blend levels consumers want, and points towards continuing growth for the cleaner, lower carbon intensity fuel we produce.”
“We are very appreciative of the advanced biofuel advocates within the Administration and on Capitol Hill for their consistent support. We will continue to work alongside our industry partners to provide the EPA, OMB and other federal agencies additional market data that will support additional growth in the D4 (biomass-based diesel) and D5 (general advanced biofuel) categories, as we believe that there is a compelling basis for further increases over time.”
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.
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 an increasing RVO based on the proposed rules announced today, possible future increases in the RVO and possible growth in the Company’s business resulting from the proposed RVO. 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: that the proposed RVO announced today is not final and could be changed when the final rules are adopted; other potential changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2; the future price and volatility of feedstocks; the effect of excess capacity in the biomass-based diesel industry; unanticipated changes in the biomass-based diesel market from which we generate almost all of our revenues; and other risks and uncertainties described in REG's quarterly report on Form 10-Q for the quarter ended March 31, 2016, which is on file 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.