Renewable Energy Group hits 1 billion gallon mark for biofuel (Video)

Renewable Energy Group (REG) achieved a major milestone, announcing it has sold its billionth gallon of advanced biofuel. The company has increased its volume of shipments from marketing 30,000 gallons of biodiesel in 1996 to more than 258 million gallons in 2013, according to Jeff Stroburg, chairman of the REG​'s board of directors.

"Since our inception we have endeavored to provide customers with a reliable and durable product that helps diversify the energy complex and increases energy security, improves our environment, and supports agriculture," said Daniel J. Oh, REG president and CEO, in a statement. "Our desire to continuously deliver quality products is a driving force behind REG reaching the billion gallon mark."

While REG said it anticipates a net earnings loss of $1.5 million to $3.5 million for the first quarter of 2014, the company is optimistic about seeing growth in the biodiesel industry in the long run. 

"We remain committed to investing in our advanced biofuels and renewable chemicals capabilities." Stroburg said in a statement in reference to the company's 1 billion gallon achievement.

More information on the global biofuels market can be found at PennEnergy Research

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