Eka Wins New North American Energy Client with Renewable Energy Group
Renewable Energy Group® (NASDAQ:REGI) (REG), a leading North American biodiesel producer with nationwide distribution and logistics systems, has selected Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, 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.”
Renewable Energy Group is a leading North American biodiesel producer with a nationwide distribution and logistics system. Utilizing an integrated value chain model, Renewable Energy Group is focused on converting natural fats, oils and greases into advanced biofuels. With more than 225 million gallons of owned/operated annual production capacity at biorefineries across the country, REG is a proven biodiesel partner in the distillate marketplace.
For more than a decade, REG has been a reliable supplier of biodiesel which meets or exceeds ASTM quality specifications. We sell REG-9000® biodiesel to distributors so Americans can have cleaner burning fuels that help lessen our dependence on foreign oil and reinforce food security. REG-9000® branded biodiesel is distributed in most states in the U.S.
About Eka Software Solutions
Eka is the global leader in providing Smart Commodity Management software solutions. Eka’s analytics-driven, end-to-end Commodity Management platform enables companies to efficiently and profitably meet the challenges of complex and volatile markets.
The company’s best-of-breed solutions manage commodity trading, enterprise risk, compliance, procurement, supply chain, operations, logistics, bulk handling, processing, and decision support. Eka partners with customers to accelerate growth, increase profitability, improve operational control, and manage risks and exposures.
Eka is a team of 315 staff with offices in the Americas, Asia, Australia, and EMEA, serving a rapidly growing global client base across multiple commodity segments.