Chevron Corporation acquires Renewable Energy Group, Inc
Chevron Corporation has acquired Renewable Energy Group, Inc (REG), a leading biodiesel and renewable diesel producer. The acquisition is expected to forward Chevron’s goal to expand renewable fuel production to 100,000 barrels per day by 2030.
“We expect the insatiable demand for low carbon energy solutions will only grow in the U.S., and our state’s 11 biodiesel plants are in a good position to flourish,” says Grant Kimberley, executive director of the Iowa Biodiesel Board. “Strong state policy recently signed by Governor Kim Reynolds will shore up Iowa’s position as the nation’s leading biodiesel producer, and the state will capture the economic benefits for low carbon fuel demand.”
REG is one of the largest North American biofuels producers and the company owns 12 biorefineries in the U.S. and Europe, including three in Iowa. More than half of their 900 employees are located in Iowa.