May 2012

Hawaiian Electric receives approval for biodiesel contract with Renewable Energy Group

Hawaiian Electric Company has received approval from the Hawaii Public Utilities Commission for an additional three-year biodiesel contract with Renewable Energy Group (REG), the nation’s largest biodiesel producer.

This is REG’s third awarded contract for sustainable biodiesel for Hawaiian Electric’s 110-megawatt combustion turbine generator at Campbell Industrial Park Generating Station. The new contract will take effect when the present contract ends in July 2012.

Renewable Energy Group Reports First Quarter 2012 Financial Results

Renewable Energy Group, Inc. (NASDAQ:REGI) announced today its financial results for the first quarter ended March 31, 2012.

For the quarter ended March 31, 2012 revenues were $188.2 million, an increase of 80% compared to revenues of $104.4 million for the same period in 2011. For the quarter ended March 31, 2012, adjusted EBITDA was $12.7 million, an increase of 140% compared to $5.3 million for the same period in 2011. The balance sheet remained strong with cash of $75.2 million at the close of the quarter, compared to $33.6 million at December 31, 2011.