US Renewable Energy Group acquires 30m gal/year biodiesel plant

12 July 2011 18:39  [Source: ICIS news]

HOUSTON (ICIS)--Renewable Energy Group (REG) has acquired all assets of SoyMor Biodiesel in Albert Lea, Minnesota, including a 30m gal/year (114m litres/year) biodiesel plant, the US renewable fuels producer said on Tuesday.

REG expects to quickly restart the plant, which has been idled since 2008.

“With nationwide demand for biodiesel growing steadily through implementation of the Renewable Fuels Standard (RFS2) and Minnesota’s continued biodiesel consumption leadership, we expect to quickly ramp up production at Albert Lea,” said REG CEO Jeff Stroburg.

REG may also upgrade the plant to process a variety of feedstocks, including lower-cost natural fats and oils such as used cooking oil, inedible corn oil from ethanol production, and high free fatty acid materials, it said.

REG said it acquired the assets from SoyMor in exchange for common stock and the assumption of certain liabilities. It did not disclose the value of the deal.

The acquisition will bring REG’s total US biodiesel capacity to more than 210m gal/year, it added.

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