Renewable Energy Group, Inc. (REG) (REGI) - Get Renewable Energy Group Inc. Report, a global producer and supplier of bio-based diesel, has entered into strategic collaboration agreements with CFN and Pacific Pride, two of North America's largest cardlock fueling networks, to provide cleaner fuels through their branded cardlock networks. Partnering REG's portfolio of bio-based diesel with CFN and Pacific Pride's vast network of cardlocks will allow the companies to play a critical role in furthering the utilization of cleaner fuels by fleets across North America.
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REG's bio-based diesel is easy to adopt and immediately begins reducing fossil carbon emissions. Under the new arrangement, REG's UltraClean BlenD™, a proprietary blend of biodiesel and renewable diesel, and other fuels from REG's EnDura Fuels™ product line, will be available to customers via CFN and Pacific Pride's vast cardlock network. CFN and Pacific Pride operate cardlocks in a number of regions across the U.S. and Canada.
"We continue to provide our Marketers with the tools and products they need to adapt to a changing marketplace," stated CFN and Pacific Pride President, Eric Lind. "Our alliance with Renewable Energy Group will position our networks for the future by ensuring we have the products available to meet the needs of the growing biofuels market."
For REG, this opens up new customer opportunities through a larger geographic footprint, and allows the business to provide bio-based diesel directly to end users. The businesses are committed to continuing to provide customers with the quality and service they expect, with an expanded offering of cleaner fuel options.
"This collaboration exemplifies what we want to do at REG: work with industry leading companies and help guide customers during the energy transition by enabling them with access to clean fuel alternatives," said Bob Kenyon, Senior Vice President, Sales and Marketing at REG. "Our cleaner fuels and customer service are helping to reduce greenhouse gas emissions today and offer a plug-and-play solution for most fleets across North America."
The organizations hope to begin expanding availability of bio-based diesel later this year, initially focused on cardlocks on the West Coast. Renewable Energy Group's technical services team will support the implementation, ensuring customers are receiving the best products for their region and season.
About Renewable Energy Group
Renewable Energy Group is leading the energy and transportation industries' transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2021, Renewable Energy Group produced 480 million gallons delivering 4.1 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
About CFN and Pacific Pride
CFN and Pacific Pride provide fuel card authorization, transaction processing, cardlock site branding, and reciprocal site access for independent petroleum marketers. Marketers join the CFN and Pacific Pride networks to provide their fleet customers access to cardlock network locations, and realize the economic benefit from customers of other members fueling at their locations. Through a CFN or Pacific Pride affiliation, petroleum marketers can offer commercial fleets an integrated fueling solution with access to over 57,000 locations via the Fuelman ® network, a FLEETCOR ® company. Based in Seattle, Washington, CFN and Pacific Pride are the largest private-branded cardlock networks in North America. CFN and Pacific Pride are part of the FLEETCOR ® (FLT) - Get FleetCor Technologies Inc. Report portfolio of brands.
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 REG's strategic growth plans, activities to support the adoption of renewable fuels by the transport industry, customer demand for low carbon fuels and the attributes of the Endura Fuels. 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, the failure of REG to achieve their strategic growth plans, the inability of REG to fully implement the relationship with CFN and Pacific Pride and supply cardlock locations, customer's desire for clean fuel options, the inability to successfully blend fuels, changing sustainability targets and consumer interest which could reduce the need for lower carbon fuels, failure of legislative efforts to promote renewable fuels, increased competition from other low carbon fuel suppliers, changing standards applicable to renewable fuels which may require different manufacturing processes and requalification of our fuels, the availability and promotion of electric vehicles, and other risks and uncertainties described in REG's annual report on Form 10-K for the year ended December 31, 2021 and subsequently filed Form 10-Q and other periodic filings 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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