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REG stockholders approve agreement to be acquired by Chevron

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By Renewable Energy Group Inc.

June 02, 2022

BusinessNorth America

Renewable Energy Group Inc.'s stockholders on May 17 voted to adopt the previously announced definitive agreement in which REG will be acquired by Chevron Corp. The transaction is expected to close in mid-2022.

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The National Air Transportation Association joined forces with a host of other aviation stakeholders urging the Biden Administration to address significant regulatory roadblocks that currently hinder wide-scale commercialization of SAF.

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Southwest Airlines Co. on June 1 announced an investment into SAFFiRE Renewables LLC, a company formed by D3MAX LLC, as part of a Department of Energy-backed project to develop and produce scalable, sustainable aviation fuel (SAF).

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Topsoe on May 31 announced Cresta Fund Management will implement its HydroFlex solution for the production of renewable diesel and sustainable aviation fuel (SAF) as part of a refinery conversion project underway in Newfoundland, Canada.

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The U.S. Department of Energy on June 1 opened a $59 million funding opportunity to support the scale-up of integrated biorefineries and greenhouse gas (GHG) reduction in first generation ethanol production.

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The Iowa DOT is committing to a lower carbon footprint in its state fleet by operating 10 snow removal and road maintenance trucks with Optimus Technologies' advanced fuel system technology, powered by 100 percent biodiesel (B100).

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Total operable U.S. biofuels production capacity fell by approximately 101 million gallons in March, according to data released by the U.S. Energy Information Administration on May 31. Feedstock consumption, however, was up by 2.845 billion pounds.

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Produced by BBI International, the International Fuel Ethanol Workshop & Expo (FEW) is on pace to be the largest biofuels conference since 2009. The event takes place June 13-15 in Minneapolis, Minnesota.

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The U.S. EPA is seeking nominations for qualified candidates to be considered for appointment to its Mobile Sources Technical Review Subcommittee, including candidates that have experience working with processors and shippers of biofuels.

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Worley has been awarded a contract by Heartwell Renewables LLC, a joint venture between The Love's Family of Companies and Cargill, for a greenfield plant in Hastings, Nebraska, that will proudce 80 MMgy of renewable diesel.

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The U.S. EPA on May 23 opened a public comment period on a proposed consent decree that would require the agency to issue proposed 2023 RFS RVOs by Sept. 16, 2022, and issue a final rule setting 2023 RVOs by April 28, 2023.

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The U.S. EPA has released data showing that more than 1.7 billion renewable identification numbers (RINs) were generated under the Renewable Fuel Standard in April, up from nearly 1.58 billion generated during the same month of 2021.

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Following settlement discussions with Growth Energy, the U.S. EPA is expected to file a notice in the Federal Register on May 23 seeking comment on a proposed judicial consent decree that would require EPA to propose the 2023 RVOs by Sept. 16.

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REG has entered into strategic collaboration agreements with CFN and Pacific Pride to provide cleaner fuels through their branded cardlock networks. The groups hope to begin expanding availability of biobased diesel later this year.

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Propel Fuels, a retailer of low-carbon fuels at branded stations throughout California, has filed a lawsuit against Phillips 66, claiming the Texas-based oil company misappropriated Propel's trade secrets and engaged in unlawful business practices.

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Data released by the U.S. EPA on May 19 shows that for the fourth consecutive month, no new SRE petitions were filed under the RFS. The agency took no action on the 69 SRE petitions that have been pending since at least mid-January.

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The U.S. Department of Commerce's International Trade Association has announced its Renewable Energy and Energy Efficiency Advisory Committee will hold a hybrid meeting, accessible in-person and online, on May 24.

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Growth Energy's Emily Skor, Green Plains' Todd Becker and Summit Agricultural Group's Bruce Rastetter will deliver keynote addresses at the 2022 International Fuel Ethanol Workshop & Expo (FEW) taking place June 13-15, 2022, in Minneapolis.

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The U.S. EPA on May 17 submitted a proposed rule to the White House Office of Management and Budget that aims to create an alternative renewable identification number (RIN) retirement schedule for small refineries under the Renewable Fuel Standard.

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A new study released by Clean Fuels Alliance America has confirmed the air quality benefits of biodiesel – especially in the context of underserved Environmental Justice communities. The study was conducted by Trinity Consultants.

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Iowa Gov. Kim Reynolds on May 17 signed a bill into law that makes Iowa the first state in the nation to adopt E15 as its standard blend of gasoline. The legislation, HF 2128, also expands consumer access to higher blends of ethanol and biodiesel.

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Renewable Energy Group Inc. announced on May 2 the acquisition of Dawson Oil Company, a bulk fuel distributor and cardlock owner, located in Northern California. Dawson Oil is a full solution provider, offering diesel, gasoline, DEF and lubricants.

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Phillips 66 made a final investment decision on May 11 to move forward with Rodeo Renewed, the project to convert its San Francisco Refinery in Rodeo, California, into one of the world's largest renewable fuels facilities.

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The National Business Aviation Association and nearly 80 stakeholders sent a letter to Congressional leaders on April 22 advocating for passage of the Sustainable Skies Act, which would create a blender's tax credit for sustainable aviation fuel.

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The USDA on May 10 announced it received more than 450 proposals for large-scale projects under its new Partnerships for Climate-Smart Commodities program. The agency is accepting proposals for smaller-scale projects through June 10.

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The USDA predicts that soybean oil use in biofuel production for 2022-'23 will be up in its latest World Agricultural Supply and Demand Estimates report, released May 12. Soybean oil prices are expected to be down slightly.

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Parkland Corp. announced plans to increase renewable fuel production at its Burnaby Refinery in British Columbia. The company will expand existing coprocessing volumes and build a stand-alone renewable diesel complex.

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The U.S. EPA on May 9 opened a 15-day public comment period on the pool of 20 candidates who have been selected to serve on an external expert panel to peer review the EPA's third triennial report to Congress on biofuels and the environment.

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United Airlines has signed a new purchase agreement with Neste that provides United the right to buy up to 52.5 million gallons over the next three years for United flights at Amsterdam's Schiphol Airport, and potentially other airports as well.

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Clean Fuels Alliance America has released a new study that shows U.S. production of biodiesel and renewable diesel consistently reduces distillate fuel prices by increasing the supply. The price impact was 4 percent in 2022 and 2021.

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