Renewable Energy Group, Inc. - REGI STOCK NEWS

Booster and Renewable Energy Group (REG) announce a strategic partnership for mobile delivery of renewable diesel, biodiesel, and blended fuels. Launched in California in August 2021, the initiative aims to simplify the transition to low-emission fuels for fleets, eliminating infrastructure costs. REG becomes the exclusive supplier of bio-based diesel to Booster and invests in the company. Booster's technology and delivery capabilities enhance fleet operations, aligning with sustainability goals.

Renewable Energy Group (NASDAQ: REGI) announced the appointment of two new board members, Dylan Glenn and Niharika Taskar Ramdev, during the board meeting on November 9. Glenn, a senior executive at Eldridge Industries, and Ramdev, a former General Motors executive with extensive finance experience, are expected to guide REGI's growth strategy and sustainability initiatives. Glenn will serve as a Class II Director until the 2022 annual meeting, while Ramdev will serve as a Class III Director until the 2023 annual meeting.

Renewable Energy Group reported Q3 2021 revenues of $1 billion, a 75.8% increase year-over-year, with a net income of $42 million or $0.83 per diluted share. Adjusted EBITDA rose 25% to $68 million. The company expects to produce 340 million gallons of renewable diesel by early 2024. Despite operational challenges from Hurricane Ida, REG initiated partnerships to enhance sustainability in rail and marine sectors.

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.

Renewable Energy Group, Inc. (NASDAQ:REGI) will announce its third-quarter 2021 financial results on November 3, 2021, after market close. A conference call will follow on November 4, 2021, at 8:30 a.m. ET, hosted by CEO Cynthia Warner and CFO Craig Bealmear. Investors can participate by dialing specified numbers or joining via webcast. The company focuses on transforming renewable resources into sustainable fuels, with a significant reduction in greenhouse gas emissions. In 2020, REGI produced 519 million gallons of cleaner fuel, achieving 4.2 million metric tons of carbon reduction.

Renewable Energy Group, Inc. (REGI) has commenced construction on its expansion project at REG Geismar, aiming to boost production capacity from 90 million gallons to 340 million gallons annually. The project will create over 60 permanent jobs and up to 500 construction jobs, with an estimated cost of $950 million. The completed facility is projected to reduce CO2 emissions by up to 2.8 million metric tons per year. This initiative aligns with the growing demand for lower-carbon solutions, marking REG's strategic position in the renewable fuels industry.

Renewable Energy Group (NASDAQ: REGI) and Iowa State University celebrated the opening of a new hydrotreater pilot plant at the BioCentury Research Farm on October 4, 2021. This project arises from a three-year partnership aimed at enhancing renewable diesel production. The facility will focus on evaluating biomass feedstocks, potentially boosting REG's Geismar, Louisiana plant's capacity to 340 million gallons by 2023. REG's leadership emphasizes innovation and sustainability, positioning Iowa as a hub for cleaner fuel technology.

Renewable Energy Group, Inc. (NASDAQ: REGI) has enhanced its financial position by extending and increasing its line of credit with Wells Fargo, Fifth Third Bank, and Bank of America to a maximum of $250 million. This five-year extension, valid until September 2026, transitions from a previous limit of $150 million. Furthermore, REGI can request additional loan commitments, potentially increasing the line to $350 million. The leadership expresses confidence in the business model and growth potential, emphasizing the societal demand for cleaner fuels.

Renewable Energy Group (REGI) announced the closure of its 35 million gallon per year biorefinery in Houston, Texas, effective November 2021. The decision not to renew the plant's lease is aimed at avoiding uncompetitive fixed costs and operational challenges due to the plant's leasing agreement. REGI is working to relocate employees within its network and emphasized its commitment to executing a growth strategy focused on clean fuel solutions. The company operates 12 biorefineries across the U.S. and Europe and produced 519 million gallons of cleaner fuel in 2020.