Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
In its most recent cover story Business 2.0 magazine has named a Carroll County, Iowa-based energy company as one of a handful of “game-changing startups most likely to upend existing industries — and spawn new entrepreneurial opportunities.”
Ralston-based Renewable Energy Group, Ltd. (REG), believed to be the largest marketer and distributor of biodiesel in the United States, also has filed a 259-page document with the Securities and Exchange Commission to take its business public with an initial public offering of stocks.
The company is seeking to be traded on the NYSE under the symbol “RWE.” Financial documents do not reveal a range for the initial share price.
As it stands REG is a private company in which West Central Cooperative has controlling interest. WCC and its affiliates formed REG in August 2006.
The filing spells out in great detail the company’s operation and future goals.
That said, because of strict SEC regulations, company officials cannot speak publicly about the filing.
Here is Business 2.0 (the story is not published online):
“Biodiesel delivers around 50 percent more miles per gallon than ethanol. REG, an offshoot of an Iowa farm co-op, makes biodiesel from soybeans. It has 40 percent of the market and a distribution deal with Safeway.”
For its part, in the recent filing, REG reports total revenues of $211 million in 2006 with a net income of $5.2 million. First quarter figures in 2007 show revenues of $55.5 million with a loss of $1.6 million, according to the SEC filing.
The company has five biodiesel production facilities in operation, four under construction and four in development.
“We have played a leading role in defining the U.S. biodiesel industry for the past ten years,” REG says in its filing. “This experience has enabled us to develop expertise in operations, procurement, marketing, production, logistics, risk management and biodiesel facility construction management.”
According to the SEC filing, during 2006 REG marketed 78 million gallons of biodiesel, representing approximately 27 percent of U.S. biodiesel sales.
The company operates a 132-million gallon network of biodiesel production facilities, currently consisting of one facility wholly owned and four facilities owned by third parties, for which REG manages facility operations, input procurement, quality control, marketing and distribution logistics, as well as assist with risk management.
“We believe the network of biodiesel production facilities that we operate is the largest producer of biodiesel in the U.S.,” REG says in the filing. “We also provide new facility construction management services to third parties and have used our construction expertise and design technology to become a leading builder of biodiesel facilities in the U.S.”
The company reports in the filing that it is in the process of developing an expanded network of biodiesel production facilities.
The company recently started construction of facilities in St. Rose, La., an operation known as the New Orleans facility, and in Emporia, Kan. REG expects to start construction on another operation in Cairo, Ill.
In interviews within the last year, local renewable energy leaders said western Iowa is becoming a player in the global renewable energy scene – thanks in large part to West Central and REG.
If REG has success in international markets and with its stock offering, it will mean good news for the local economy as many West Central members are REG investors.
REG already has linked with two major players in the global economy, Bunge North America, and the England-based ED&F Man, a trading company with roots stretching back to the 18th century.
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