NOTE: A video news release for the event can be accessed here: https://www.youtube.com/watch?v=ivjwBx754qo
Renewable Energy Group, Inc. (NASDAQ: REGI) leaders celebrated the
beginning Friday of an expansion and upgrade of the laboratory at the
company’s Ames, Iowa headquarters to further enhance renewable chemical
related biotechnology research, development and commercialization.
The lab expansion will include the installation of fermentation
equipment and significant analytical capabilities. Upon completion,
full-time positions will be added to focus on commercialization and
integration of products to be developed by REG in South San Francisco
into production and delivery platforms.
“This expansion is simply one of many examples of REG’s commitment to
innovation and economic development in Iowa and in particular Ames which
is a cornerstone of Iowa’s Cultivation Corridor,” said REG President and
CEO Daniel Oh. “These upgrades will allow us to increase our midwestern
focus on product development for renewable chemicals.”
Local and state business and community leaders joined REG employees for
the groundbreaking ceremony and say the benefits from projects like this
reach far and wide.
“Technology investments like expanding lab capabilities in the Ames
community enhance Iowa State University’s ability to market the
community and place our students in their chosen field,” said Dr. Steven
Leath, Iowa State University President. “Retention of top talent is
vital in economic development and Iowa as a global leader in
agbioscience, biorenewables, biotech and advanced manufacturing
industries.”
“The Iowa Economic Development Authority (IEDA) is dedicated to
cultivating innovation and economic growth in our state of Iowa,” said
IEDA Director Debi Durham. “REG’s commitment and investment in Ames
shows Iowa is primed for a new era in biotechnology, focused on using
agricultural feedstocks to make high value products.”
Oh said legislation expected to be signed soon Governor Terry Branstad
and approved by the Iowa legislature this week, which will provide tax
credits for the renewable chemical industry, should provide extra
momentum for REG’s investment in the field. “The state’s efforts to
promote and grow renewable chemicals are a natural extension of the
state’s support of agriculture and renewable fuels. This bill shows
commitment and purpose and demonstrates that the investment is desired
here in Iowa, and we are thankful for the support of our elected
officials in getting it done. ”
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American advanced
biofuels producer and developer of renewable chemicals. REG utilizes a
nationwide production, distribution and logistics system as part of an
integrated value chain model to focus on converting natural fats, oils
and greases into advanced biofuels and converting diverse feedstocks
into renewable chemicals. With 12 active biorefineries across the
country, research and development capabilities and a diverse and growing
intellectual property portfolio, REG is committed to being a long-term
leader in bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of advanced
biofuels which meet or exceed ASTM quality specifications. REG sells
REG-9000 biomass-based diesel to distributors so consumers can have
cleaner burning fuels that help diversify the energy complex and
increase energy security. REG-9000 biomass-based diesel is distributed
in most states in the US. REG also markets ultra-low sulfur diesel and
heating oil in the northeastern and midwestern US. For more information
on REG visit our website at www.regi.com.
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 statements regarding the development and
commercialization of renewable chemicals and other products using REG’s
proprietary biotechnology platform. 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: that REG
has incurred significant costs and has not generated any revenue from
sales of renewable chemicals or other products developed through its
research and development activities; REG’s ability to develop products
from its proprietary biotechnology processes that are competitively
priced and accepted in the market as an alternative to chemical products
currently in use; REG’s ability to produce commercial scale quantities
of such products, which may involve significant capital expense; that
customers may impose lengthy product qualification procedures for these
products; that competitors may develop superior products; and other
risks and uncertainties described from time to time in REG's annual
report on Form 10-K for the year ended December 31, 2015, which is on
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.
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