Chevron Corporation completed its previously announced acquisition of Renewable Energy Group, Inc. (REG), following approval by REG stockholders.
According to Chevron, this new segment called Chevron Renewable Energy Group takes on one of the hardest to abate sectors - transportation.
“We have brought together companies with complementary capabilities, assets, and customer relationships to make Chevron one of the leading renewable fuels companies in the United States,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “Chevron now offers our customers an expanded suite of cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.”
Chevron noted that the "acquisition fuels the expansion of our renewable fuels business and aims to help provide lower carbon solutions for the transportation sector," according to a company release. Chevron Renewable Energy Group will help the company grow its renewable fuels production capacity to 100,000 barrels per day by 2030.
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, according to the fuel provider.
Cynthia “CJ” Warner, formerly president and CEO of REG, has been appointed to Chevron’s Board of Directors, effective June 13, 2022.
“CJ Warner has deep experience across both the traditional and renewable energy sectors,” said Chevron Chairman and CEO Mike Wirth. “Her perspective and guidance will be invaluable as Chevron leverages its strengths to deliver lower carbon energy to a growing world.”
Learn more about Chevron and it's sustainability efforts today.
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