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W2 Fuel Closing Biodiesel Plants

Company will shutter plants in Iowa and Michigan, pointing to growing losses

Fuel 1596622 960 7201

An Iowa biodiesel plant announced Tuesday it's shutting down as Gov. Kim Reynolds warned that federal waivers exempting oil companies from using renewable fuels are hurting the state's rural economy, reports the Des Moines Register.

Roy Strom, CEO of W2 Fuel, said Tuesday he is closing the company's 10-million gallon biodiesel plant in Crawfordsville in southeast Iowa, along with a plant in Michigan, given growing losses.

The move will affect 50 workers altogether, including 16 in Iowa.

Northwest Iowa plants Siouxland Energy Cooperative and Plymouth Energy also have said they are closing, given the poor renewable fuels market.

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