alternative fuelswith REG acquisition, chevron becomes a leading US renewable fuel company
1 min read | june 13, 2022
Chevron has completed its acquisition of Renewable Energy Group (REG).
This new segment called – drumroll, please – Chevron Renewable Energy Group takes on one of the hardest to abate sectors - transportation.
why it matters
This acquisition fuels the expansion of our renewable fuels business and aims to help provide lower carbon solutions for the transportation sector.
Chevron Renewable Energy Group will help us grow our renewable fuels production capacity to 100,000 barrels per day by 2030.
the big picture
Both REG and Chevron boast a long history of developing innovative technologies to manufacture lower carbon intensity fuels.
Combining REG’s feedstock aggregation capabilities and Chevron’s fuel distribution network, Chevron Renewable Energy Group is positioned to be a leader in the alternative fuels space.
We expect this acquisition to create new opportunities as we grow our renewable fuels business.
what they’re saying
“REG helped establish the U.S. biofuels industry, and together our companies are poised to accelerate the growth of the industry,” said Kevin Lucke, president of Chevron Renewable Energy Group. “As a native Iowan, I could not be prouder to work with this exceptional group of people who are dedicated to helping provide lower carbon solutions for the transportation sector from right here in the state.”
REG made its first batch of biodiesel in 1996. Since then, the company has become one of the largest biofuels producers by volume in the United States. Chevron Renewable Energy Group will remain in Ames, Iowa, where REG has been headquartered. It will combine two cultures dedicated to helping customers toward a lower carbon future with innovative renewable fuels.
For more information, read the full media release.
Photo: Renewable Diesel Biorefinery – Geismar, Louisiana
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