Chevron’s acquisition of Renewable Energy Group is complete

Chevron has agreed to amass biofuels firm Renewable Power Group for $3.15 billion (Courtesy: Renewable Power Group)

Chevron has accomplished its beforehand introduced acquisition of Renewable Power Group (REG) following approval by REG stockholders.

Additional, Cynthia “CJ” Warner, previously president and CEO of REG, has been appointed to Chevron’s Board of Administrators, efficient June 13.

Chevron introduced that it might purchase the biofuels firm for $3.15 billion on Feb. 28.

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Via the acquisition, Chevron goals to develop its renewable fuels manufacturing capability to 100,000 per day by 2030. Renewable Power Group operates 11 biorefineries within the U.S. and Europe and produced 519 million gallons of biofuels in 2020.

Chevron CEO Mike Wirth mentioned the acquisition permits the corporate to “develop extra shortly and effectively” than it may by itself.

The $3.15 billion all-cash acquisition represents a premium of 57% of the Renewable Power Group’s common inventory worth over the previous month. The deal is anticipated to shut within the second half of 2022.

Renewable Power Group will develop into Renewable Fuels – REG below the Chevron umbrella, in line with a information launch. The corporate shall be headquartered in Ames, Iowa.