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Environmental Marine Frontrunner GoodFuels and Renewable Energy Group are Leading the Way to a More Sustainable Future
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Renewable Energy Group (REGI) has partnered with GoodFuels to supply sustainable marine biofuels, supporting the shipping industry's decarbonization. This long-term agreement will enhance biofuel production using sustainable feedstocks, aiming to become the preferred green fuel supplier for maritime transport. REGI aims to reduce greenhouse gas emissions and improve carbon reduction. Both companies will collaborate on expanding the development and delivery of advanced biofuels.
Positive
Long-term agreement with GoodFuels enhances REGI's biofuel supply capabilities.
Partnership aligns with REGI's mission to reduce greenhouse gas emissions.
Market demand for sustainable marine biofuels supports growth potential.
Negative
None.
As a key GoodFuels partner, Renewable Energy Group is enabling the acceleration of sustainable biofuels for maritime
AMSTERDAM--(BUSINESS WIRE)--
GoodFuels, the world-leading supplier of sustainable marine biofuels, and global producer and supplier of renewable fuels Renewable Energy Group, Inc. (NASDAQ:REGI) (REG) have entered a long-term agreement for the supply and development of sustainable marine biofuel solutions for the global shipping industry.
With REG’s expertise in biofuels and GoodFuels’ pioneering strengths, both companies are playing an important role in enabling the decarbonization efforts for shipping companies.
This announcement reinforces GoodFuels’ mission to become the favored green fuel supplier for all shipping segments, and ambition to scale up the production of advanced marine biofuels in the right way using sustainable feedstocks.
For REG, the agreement is a clear signal of the company’s mission to enable a cleaner world and reduce greenhouse gas emissions. REG biofuels are making a real impact in the market today by offering solutions for many transportation sectors, including marine.
Bart Hellings, Chief Operating Officer at GoodFuels, said: “At GoodFuels, we collaborate with impact-driven partners to advance sustainable shipping with our instant decarbonization solution. Our sustainable marine biofuels are in a prime position to deliver on immediate-term climate goals, and are one of the only options available on the market today. We have been closely working with REG for several years, and we foresee a great future together in accelerating the energy transition within shipping.”
Also commenting on the announcement, Raymond Richie, Vice President and Managing Director, International Business at REG, said: “We’re committed to supporting the shipping industry’s decarbonization movement by working with GoodFuels to adopt and develop sustainable marine biofuels. Our biofuels are making real carbon reduction happen today and do not require users to make significant changes or technology purchases. We look forward to continuing our great partnership with GoodFuels.”
GoodFuels and REG will continue to expand the development and delivery of advanced biofuels for the international shipping industry.
Notes to editors
About GoodFuels
GoodFuels is a Netherlands based global pioneer in sustainable marine fuels. The company has created a one-stop shop for marine industry customers, integrating the entire supply chain for sustainable marine biofuels. From feedstock to tank, GoodFuels’ proposition covers elements of sourcing feedstock and ensuring its 100% sustainability, the production, the global distribution, quality assurance and marketing programs with ports, governments and end clients. GoodFuels is part of the GoodNRG Group, which is active under various labels and companies in sales, marketing, trading, R&D and production of truly sustainable fuels for the transport segments for which biofuels is one of the best or only viable long-term alternative. Learn more about GoodFuels at www.goodfuels.com.
About Renewable Energy Group
Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to, GoodFuels and REG leading the way to a more sustainable future, enabling the acceleration of sustainable biofuels for maritime, the decarbonization efforts for shipping companies, a cleaner world, and reducing greenhouse gas emissions, accelerating the energy transition within shipping, REG’s commitment to supporting the shipping industry’s decarbonization movement, including the lack of a requirement for users to make significant changes or technology purchases, GoodFuels and REG continuing to expand the development and delivery of advanced biofuels for the international shipping industry and REG meeting the growing demand for lower-carbon fuels and leading the way to a more sustainable future. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the success of our business plan, market factors supporting biofuels and specifically, biofuels in the shipping industry, the shipping industry’s desire to decarbonize and other risks described in REG's annual report on Form 10-K for the year ended December 31, 2020, quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and from time to time in REG's other periodic filings with the SEC. All forward-looking statements are made as of the date of this press release and we do not undertake to update any forward-looking statements based on new developments or changes in our expectations.
What is the recent partnership between REGI and GoodFuels?
Renewable Energy Group (REGI) has entered a long-term agreement with GoodFuels to supply and develop sustainable marine biofuels for the shipping industry.
How does REGI plan to support the shipping industry's decarbonization?
REGI aims to reduce greenhouse gas emissions by providing sustainable marine biofuels that do not require significant changes to existing technology.
What impact will the REGI and GoodFuels collaboration have on sustainable fuels?
The collaboration will enhance the production and supply of sustainable marine biofuels, supporting the shipping industry's transition to greener fuels.
When was the partnership between REGI and GoodFuels announced?
The partnership was announced on October 26, 2021.
What are the benefits of sustainable marine biofuels produced by REGI?
REGI's sustainable marine biofuels help reduce carbon emissions and are positioned as a viable solution for immediate-term climate goals in the maritime sector.
