Iowa firm says work to reopen shuttered Geismar biofuels plant has begun
Ames, Iowa-based Renewable Energy Group Inc. announced this morning that it has completed its acquisition of a Geismar biofuels plant that has not been in operation since the fall of 2012, adding that work to bring the plant back online has already begun. The plant, which was formerly called Dynamic Fuels and was jointly owned by Oklahoma-based Syntroleum Corp. and Arkansas-based Tyson Foods, has the capacity to make upwards of 75 million gallons of renewable diesel each year from animal and waste fat. "Closing these transactions enables our entry into the renewable diesel market in a significant way," says REG President and CEO Daniel Oh in a prepared statement. "We are excited about the opportunity to offer new products to our customers, while building on our core competencies in research, engineering, production, and distribution of advanced biofuels. We look forward to bringing the Geismar biorefinery online and work to do so has begun." A specific timeline on when the company hopes to bring the plant back online was not detailed by REG in the release issued this morning. REG announced a deal to acquire Syntroleum's 50% stake in the plant in December and another to acquire Tyson Foods' 50% stake last month. "Most of the employees at Dynamic Fuels are expected to join the company as part of the renamed REG Geismar," the company says in the release. —Steve Sanoski
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