Displaying items by tag: biodiesel

Renewable Energy Group, Inc. (NASDAQ: REGI) has announced that its wholly-owned subsidiary has completed the acquisition of IC Green Energy’s (ICG) majority equity ownership position in German biodiesel producer Petrotec AG (XETRA: PT8).

REG European Holdings B.V. purchased ICG’s 69 percent equity ownership in Petrotec AG for US $20.9 million, or US $1.235 per share, paid in 2,070,538 newly-issued REG shares.  The REG subsidiary also purchased ICG’s loan to Petrotec AG in the amount of approximately US $15.4 million.  REG European Holdings B.V. intends to make a cash tender offer in the next several weeks for all other Petrotec shares at a price no less than the value per share received by ICG.

Petrotec is a fully-integrated company utilizing more than 15,000 collection points to gather used cooking oil (“UCO”) and other waste feedstocks to produce biodiesel at its two biorefineries in Emden and Oeding, Germany.  Petrotec’s nameplate production capacity is 55.5 million gallons (185,000 MT) per year, produced predominantly from UCO.  Petrotec’s collection service, treatment processes, and biorefineries are certified by both German and European regulators.  Its biodiesel is compliant with EU standard EN 14214.  For more information on Petrotec visit their website at http://www.petrotec.de/.

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 10 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.