Ames becomes Chevron’s renewable energy headquarters with REG purchase

Chevron Corp. completed its $3.15 billion purchase Monday of Renewable Energy Group, the biodiesel and renewable diesel company based in Ames that will become the oil giant’s renewable fuels headquarters.

Chevron executive Kevin Lucke, an Iowan who has been named president of Chevron Renewable Energy Group, said closing the deal makes way for growth. Chevron wants to produce about 4 million gallons of renewable fuel daily by 2030, he said.

Renewable Energy Group, called REG, already provides about a third of that production, Lucke told the Register.

“We have some large growth ambitions,” he said.

He added that it’s too early to say what the goal means for new jobs or capital investment in Iowa, but “there’s just no question that we’re going to have to do it with more resources on the people side.”

Previously:Chevron sees ‘bright future’ for Ames-based Renewable Energy Group as its biofuels headquarters

Lucke has lived in Harlan in western Iowa, near where he grew up, for the past decade, commuting to his job at Chevron in California and Texas. The Iowa State University engineering graduate has been with Chevron’s downstream and chemicals business for 40 years.

The U.S. and world are “going to need all forms of energy and renewable energy,” especially given Russia’s invasion of the Ukraine, he said. “It’s just been a real challenge for the world to get enough energy.

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