Clean Fuels applauds Chevron on the completion of its acquisition of REG.
REG’s partnership with Clean Fuels will continue as it becomes Chevron’s ‘renewable fuels business headquarters’.
Earlier Clean Fuels Alliance America CEO Donnell Rehagen welcomed news that Chevron Corp. has finalized its acquisition of Renewable Energy Group, a longtime Clean Fuels Alliance America member. As the acquisition is finalized, Chad Stone of REG will continue to lead the Clean Fuels Governing Board as chair.
Donnell Rehagen, Earlier Clean Fuels Alliance America, said:
This is a meaningful acquisition for our industry and for Clean Fuels for many reasons.
“REG has been a leader in our industry from its inception, being one of the very first companies to build a biodiesel plant in the United States.”
“This leadership in renewable fuels, coupled with the history and strength in the energy sector Chevron brings, will continue to build on the momentum our industry is experiencing as the country continues on its path of carbon reduction through cleaner fuels,” says Rehagen, who noted that Iowa-based REG has been an association member since 2006.
With 11 biorefineries in the U.S. and Europe and more than half a billion gallons of production of biodiesel and renewable diesel, REG is also one of Clean Fuels’ largest members in terms of fuel production.
California-based Chevron has steadily grown its clean fuels business, actively marketing its Renewable Diesel Blend at the pump in California. REG will remain headquartered in Ames, Iowa, and the team will focus on growing Chevron’s portfolio of lower carbon fuels and feedstocks.
The combined company is committed to harnessing complementary cultures and proven track records of developing innovative technologies to grow its renewable fuels production capacity to 100,000 barrels per day by 2030.
Stone, who joined the Clean Fuels board in 2015, said he was pleased to continue as board chair during this dynamic time both for REG and Clean Fuels.
Chad Stone, who serves as senior vice president of commercial performance at REG, said:
We have been working together for decades to build this industry and never before have we seen such interest or investment in our fuels.
“I am excited to see what the future holds as we join forces to provide fuel solutions that meet the growing demand we’re seeing in the marketplace.”
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Clean Fuels Applauds Chevron on the Completion of Its Acquisition of REG, June 13, 2022
