Global producer and supplier of renewable fuels, Renewable Energy Group, Inc. (NASDAQ: REGI), also known as REG, recently announced that it has entered into a strategic global partnership with marine fuels supplier and trader Bunker Holding Group
The partnership is expected to further develop the U.S. and EU marine markets for sustainable bio-based diesel.
With Bunker Holding’s deep expertise in marine fuels and REG’s expertise in bio-based diesel, the partnership aims at transforming the shipping industry’s fuel needs to more sustainable energy sources.
Initially, the collaboration will be for the North America and Europe markets, with trials of B20 and B30 already being run in high-traffic regions of both continents.
The Senior Vice-President of Sales and Marketing at REG, Bob Kenyon, said, “At Renewable Energy Group we see clearly the opportunity for biodiesel to be a sustainable fuel option of choice for customers in the clean energy transition. Partnering with Bunker Holding will accelerate the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals. We look forward to further developing our relationship with Bunker Holding and supporting the shipping industry’s decarbonization movement.”
Recently, Raymond James analyst Justin Jenkins reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $75 to $65, which implies upside potential of 94.6% from current levels.
Consensus among analysts is a Strong Buy based on 7 unanimous Buys. The average Renewable Energy Group price target of $79.71 implies upside potential of 138.7% from current levels. Shares have declined 65.7% over the past year.
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