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Renewable Energy Group

Renewable Energy Group is a biodiesel production company headquartered in Ames, Iowa. The company operates 12 biorefineries and a feedstock processing facility.[4], 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 Seattle-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]

External links

References

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