Renewable Energy Group (REG) has closed its acquisition of
substantially all of the assets of Syntroleum, the company
announced on Wednesday.
Syntroleum advised REG on Tuesday that a majority of its
shareholders had voted to approve the asset sale to REG.
Shortly after the Syntroleum stockholders meeting,
officials from the two companies completed the transaction,
which included the issuance of 3,493,613 shares of REG common
stock to Syntroleum.
The assets acquired from Syntroleum include a 50% ownership
interest in Dynamic Fuels, which owns a 75 million gal/year
nameplate capacity renewable diesel biorefinery
located in Geismar,
Louisiana. REG has a separate pending agreement with Tyson
Foods to acquire the remaining interests in Dynamic
Most of the employees at Syntroleums headquarters in
Tulsa, Oklahoma, will join REG as part of the newly-formed
REG Synthetic Fuels.
We are very pleased to bring new advanced biofuel
technologies into the REG
portfolio of products that will expand our biomass-based
diesel business and launch us into new customer
segments, said Daniel J. Oh, CEO of Renewable Energy
Group. We welcome the newest members of our team
in Tulsa to REG Synthetic Fuels.
Syntroleum pioneered renewable diesel fuel and
Fischer-Tropsch gas-to-liquids technologies and built a large
IP portfolio, including 186 patents issued or pending, which
REG will now own.
Headquartered in Ames, Iowa, REG owns and operates nine
active biorefineries in five US states and distributes
biodiesel through a national network of distribution