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Chevron Corp is buying biodiesel maker Renewable Energy Group Inc for $3.15 billion, in its biggest bet so far on alternative fuels.
Chevron would pay $61.5 in cash per share of Renewable Energy, more than 40 percent above the company's Friday close, according to sources. Renewable Energy shares increased by more than 37 percent in early trading.
Given their significant emissions contributions, huge pressure is being put on major oil companies to reduce their carbon footprint and join the fight against climate change.
Many US refineries have been increasing the production of renewable diesel to profit from increased state and federal incentives for reducing carbon emissions in fuels.
Chevron has committed to lowering operational emissions by 2050 to net-zero and, in September, pledged to invest $10 billion through 2028 to minimize its carbon output using renewable fuels, with around $3 billion dedicated.
Renewable Energy Group, a firm based in Ames, Iowa, produces both biodiesel and renewable diesel.
Biofuels are created from agricultural waste and food crops produced specifically for fuel feedstock.
Biodiesel and renewable diesel are refined in similar ways, but renewable diesel goes through a distinct purification procedure to make it chemically identical to ultra-low-sulfur diesel.
In certain regions, the company has indicated that it is looking for ways to integrate biodiesel into renewable diesel.
According to the Energy Information Administration, renewable diesel production capacity in the United States may increase fivefold from 1 billion gallons currently to more than 5 billion gallons each year by 2024.
The agreement is expected to aid Chevron's goal of increasing renewable fuels production capacity to 100,000 barrels a day by 2030 and bring additional feedstock supplies and pre-treatment facilities.
According to Chevron CEO Mike Wirth, the company will not immediately provide specifics on how it would break out its renewable business.
The transaction is to be completed in the second half of the year and expected to contribute to Chevron's income in the first year and free cash flow after the start-up of Renewable Energy Group's Geismar expansion in Louisiana.
