AMES, Iowa, July 05, 2017 (GLOBE NEWSWIRE) -- Renewable Energy Group, Inc. (NASDAQ:REGI) President and CEO Randy Howard issued the following statement regarding the Environmental Protection Agency’s release of the proposed Renewable Volume Obligations (RVO) for 2018 Conventional and Advanced Biofuel and 2019 Biomass-Based Diesel:
“This proposal offers REG and the American biomass-based diesel industry the opportunity to prove once again how we exceed expectations and we fully embrace that opportunity. The RVO is only one tool that aids biomass-based diesel growth and it is our job to convince policymakers that it should not restrain growth of American-made renewable fuel.”
“We remain confident in a positive outcome in the trade complaint against unfairly subsidized imported biodiesel from Argentina and Indonesia, and are just as confident that U.S. production can make up for any lost import volumes. And finally, there is momentum to reinstate and reform the federal biodiesel tax incentive to focus it on domestically produced fuel. So, we look forward to additional meetings with the Administration in the coming weeks to show how an industry that is only running at about 65 percent capacity, has ample feedstock supply, and is helping fill growing diesel demand can help President Trump reaffirm his commitment to growing the supply of all American made fuels.”
About Renewable Energy Group
Renewable Energy Group, Inc. (NASDAQ:REGI) is a leading provider of cleaner, lower carbon intensity products and services. We are an international producer of biomass-based diesel, a developer of renewable chemicals and are North America's largest producer of advanced biofuel. REG utilizes an integrated procurement, distribution, and logistics network to convert natural fats, oils, greases, and sugars into lower carbon intensity products. With 14 active biorefineries, a feedstock processing facility, research and development capabilities and a diverse and growing intellectual property portfolio, REG is committed to being a long-term leader in bio-based fuel and chemicals.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the outcome of the pending trade complaint against foreign producers of biodiesel and possible reinstatement or reform of the federal biodiesel tax incentive. These forward-looking statements are based on current expectations and assumptions, are subject to change, and actual results may differ materially. Factors that could cause actual results to differ materially include: changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2; availability of federal and state governmental tax incentives and incentives for biomass-based diesel production, including possible reinstatement of the Federal biodiesel mixture tax credit or possible adoption of a producers tax credit; changes in the spread between biomass-based diesel prices and feedstock costs; the future price and volatility of feedstocks; the future price and volatility of petroleum and products derived from petroleum; risks associated with fires, explosions, leaks and natural disasters at our facilities; the effect of excess capacity in the biomass-based diesel industry; unanticipated changes in the biomass-based diesel market; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; our ability to generate revenue from the sale of renewable chemicals, fuels and other products on a commercial scale and at a competitive cost, and customer acceptance of the products produced; whether our Geismar, Louisiana biorefinery will be able to produce renewable hydrocarbon diesel consistently or profitably; and other risks and uncertainties described in REG's annual report on Form 10-K for the year ended December 31, 2016, quarterly report on Form 10-Q for the quarter ended March 31, 2017 and from time to time in the Company's 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.