Chevron Shutters Two Biodiesel Plants Indefinitely
Chevron Renewable Energy Group has made the decision to indefinitely close two biodiesel production facilities due to poor market conditions.
OAKHURST, N.J. (DTN) — Chevron Renewable Energy Group has made the decision to indefinitely close two biodiesel production facilities due to poor market conditions, the company said in a statement. The facilities are located in Ralston, Iowa, and Madison, Wisconsin.
The Ralston plant has a production capacity of 30 million gallons per year while the Madison facility has a capacity of 20 million gallons per year, according to a previous filing by Renewable Energy Group, Inc. with the Securities Exchange Commission. REG was acquired by Chevron in June 2022 in an all-cash transaction valued at $3.15 billion.
“This was not an easy decision, and we will support our employees during this difficult time. We remain committed to our belief that the future of energy is lower carbon and advocate for supportive policy that will enable growth of the biofuels sector,” Chevron Renewable Energy Group said in a statement emailed to DTN.