AMES, IOWA — The purchase of REG – Renewable Energy Group – in Ames by Chevron is complete. The transaction was valued at $3 billion . Chevron is part of the old guard of big oil companies now getting into renewables.
“Chevron has been in the fuel business for over 140 years, providing fuels to customers in the US and across the globe,” said Kevin Lucke, President of Chevron Renewable Energy Group. “Over the last two or three years we have transitioned to a firm belief that lower carbon fuels is the future of energy, and we have committed publicly that we were going to produce or we will produce 100,000 barrels which is four million gallons a day.”
With the ambitious growth plans, Chevron is already looking at expanding biodiesel production plants here in this country, and around the world.
“Some of them are in Louisiana, some of them are in Europe,” said Lucke. “We are going to have large growth targets to be able to meet those expectations, we have facilities here, in Iowa and in Minnesota and other parts of the US that we’re gonna be expecting to produce more biodiesel, in renewable diesel to meet those cross expectations.”
Lucke said he is county on the team of some 1,500 REG employees to continue to move forward in producing more and more renewable bio-diesel. Lucke, is a native of western Iowa, and a 1982 ISU graduate in Chemical Engineering.
“Super excited to be back in Ames and back in Iowa where I really started my career,” said Lucke. “To be able to work with the REG employees that are just really passionate about what they do and very talented in leaders in the space of biofuels.”