Renewable Energy Group® (NASDAQ:REGI) (REG), a leading North American biodiesel producer with nationwide distribution and logistics systems has selected Eka Software Solutions, a global provider of commodities trading and risk management technologies (CTRM), to help better manage their risk, positions and U.S. renewable fuel standard (RFS2) activity.
“We wanted to integrate all of our commercial operations, which required a modern physical CTRM system to get a holistic picture of our business and manage our renewable identification number (RIN) activity. Eka’s solution was ideally suited to meet the requirements of our trading, operations and risk management needs in the renewable energy space. We were further convinced by Eka’s strong track record of successful implementations for large customers across the globe,” said Patrick Hammen, CIO of REG.
REG is implementing Eka’s end-to-end commodity and risk management solution for energy and renewable markets. The solution will cover the entire supply chain of the biodiesel business, from procurement of raw material, storage, price risk management, mark-to-market and P&L calculations, to sales of the finished product. Eka will also help REG to effectively manage risks, while bringing operational efficiency to day-to-day operations by automating key business processes and providing visibility of positions and exposures.
Announcing the deal, Manav Garg, CEO & Founder of Eka Software Solutions said, “REG is a leading Innovator in biodiesel production and supply chain management in North America; their selection of Eka for CTRM is a significant milestone for us and we very much look forward to working closely with them. This deal cements our position as a partner of choice for companies dealing in physicals, including dry and liquid commodities. It’s a tremendous endorsement of our technology in a demanding and complex market."