Renewable Energy Group

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Renewable Energy Group, Inc.
Company typeSubsidiary
Nasdaq: REGI
IndustryRenewable energy industry
PredecessorWest Central Cooperative
Founded2006 (2006)[1]
HeadquartersAmes, Iowa, United States
Key people
 Cynthia Warner, President & CEO[2]
ProductsBiodiesel
RevenueDecrease $2.135 billion (2020) [3]
Decrease $122.813 million (2020) [3]
Total assetsDecrease $1.461 billion (2020) [3]
Number of employees
900+ (US), 126 (Intl) (2017) [1]
ParentChevron Corporation
Websitewww.regi.com

Renewable Energy Group is a biodiesel production company headquartered in Ames, Iowa. The company operates 12 biorefineries and a feedstock processing facility.[4] As of 2018, the company is a Fortune 1000 corporation.[5]

History

Renewable Energy Group began in 1996 as the biodiesel division of West Central Cooperative[6][7] with the construction of a plant in Ralston, Iowa. In 2006, the company separated from West Central and moved its headquarters to Ames.[8]

In 2013, the company acquired Tulsa-based biofuels company Syntroleum Corporation amid that company's struggles for profitability.[9] In 2015 it acquired the assets of Grays Harbor, Washington-based biodiesel company Imperium Renewables.[10]

On February 28, 2022, the company announced they would be acquired by the California-based oil company Chevron Corporation.[11] On June 13, the acquisition was completed.[12]

Leadership

Upon separation from West Central, the initial CEO of the company was Jeff Stroburg, succeeded in 2011 by Daniel Oh.[8] After Oh's abrupt and unexpected resignation in 2017, Reginald Howard became interim CEO, and was replaced in 2018 by Cynthia Warner.[13][2]

Plant explosions

In June 2001, the predecessor company's InterWest facility in Ralston exploded, leaving one man in critical condition.[14][15]

The company's biofuels production facility in Geismar, Louisiana suffered from explosions in April and September 2015.[16] As a result of this explosion, Renewable Energy Group was cited with three "willful" safety violations and was fined $70,000 by OSHA.[17]

References

  1. ^ a b "FORM 10-K". Securities and Exchange Commission. Retrieved 6 March 2019.
  2. ^ a b "Renewable Energy Group Names Cynthia Warner President, CEO". Transport Topics. 10 December 2018. Retrieved 6 March 2019.
  3. ^ a b c "Annual Report 2020". Renewable Energy Group. Retrieved 4 April 2020.
  4. ^ "About REG". Footer Border Renewable Energy Group, Inc. Retrieved 6 March 2019.
  5. ^ "Renewable Energy Group". Fortune. Retrieved 6 March 2019.
  6. ^ Mika, Dan (3 Nov 2017). "REG marks 10 years". Ames Tribune. Retrieved 6 March 2019.
  7. ^ "West Central Coop: Adding Value for 75 Years". Midwest Partnership. Retrieved 6 March 2019.
  8. ^ a b Enabling a Cleaner World: The History of Renewable Energy Group, 1995-2015. Renewable Energy Group, Inc. 2017. pp. 64–75. ISBN 978-0-9978284-0-5. Retrieved 6 March 2019.
  9. ^ Walton, Rod (19 December 2013). "Syntroleum Corp. being acquired by Renewable Energy Group". Tulsa World. Retrieved 6 March 2019.
  10. ^ González, Ángel (4 August 2015). "Imperium Renewables biodiesel plant sold to Iowa company". Seattle Times. Retrieved 6 March 2019.
  11. ^ "Chevron Announces Agreement to Acquire REG".
  12. ^ "Chevron Completes Acquisition of Renewable Energy Group".
  13. ^ Mika, Dan (5 July 2017). "REG CEO unexpectedly resigns". Ames Tribune. Retrieved 6 March 2019.
  14. ^ "Man injured in plant explosion in critical condition". The Rock Island Dispatch-Argus. Associated Press. 20 June 2001. Retrieved 6 March 2019.
  15. ^ Heman, Butch (20 June 2001). "One Injured in InterWest Explosion" (PDF). Daily Times Herald. Retrieved 6 March 2019.
  16. ^ Mitchell, David (10 September 2015). "Medical conditions upgraded for burn victims in Renewable Energy Group plant explosion". The Advocate. Retrieved 6 March 2019.
  17. ^ Mitchell, David (16 March 2016). "OSHA fines Geismar plant $70,000 over September explosion that injured four". The Advocate. Retrieved 6 March 2019.

External links

  • Official website
    • Historical business data for Renewable Energy Group:
    • SEC filings
Retrieved from "https://mdwiki.org/wiki/Renewable_Energy_Group"