An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Renewable Energy Group, Inc. Issues Update on REG Geismar
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Renewable Energy Group, Inc. (Nasdaq: REGI) reports that its Geismar, Louisiana renewable diesel plant remained undamaged after Hurricane Ida. All employees are safe, and the facility's recommissioning is underway, with production set to ramp up as utilities become available. The company emphasizes its commitment to sustainable fuels and highlights its significant contributions to reducing greenhouse gas emissions. In 2020, REGI produced 519 million gallons of cleaner fuel, achieving a carbon reduction of 4.2 million metric tons.
Positive
No significant damage reported to the Geismar facility post-Hurricane Ida.
Production recommissioning is underway, indicating a quick recovery.
The plant's operational status supports REGI's commitment to sustainable fuels.
Negative
Potential undiscovered damage may affect production restart.
Utility availability from third parties remains uncertain.
AMES, Iowa--(BUSINESS WIRE)--
Renewable Energy Group, Inc. (Nasdaq:REGI) is issuing the following statement from President and CEO, Cynthia ‘CJ’ Warner regarding the status of its renewable diesel plant located in Geismar, Louisiana following Hurricane Ida:
“We are grateful that all team members are safe and accounted for following Hurricane Ida. In advance of the hurricane’s landfall, our local team brought down the plant in a safe and secure manner.
Although the storm caused major power outages in Ascension Parish, power has now been restored and the REG plant shows no significant visible damage. The team are recommissioning the plant today and will be initiating and ramping up production as full utilities become available.”
About Renewable Energy Group
Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by transforming 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.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including restarting production at our Geismar facility. 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, damage to the Geismar facility that may be discovered during the startup process, the availability of utilities, including hydrogen and steam, from third parties that have not yet resumed operations following the storm, and other risks and uncertainties described in REG’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
