HOUSTON, TX--(Marketwired - Apr 2, 2013) - FuelQuest Inc., the leading on-demand software and services company for the global downstream energy industry, announced today a multi-year contract with Renewable Energy Group® (NASDAQ: REGI). Headquartered in Ames, Iowa; Renewable Energy Group (REG®) is North America's leading biodiesel manufacturer and marketer with more than 225 million gallons of owned and operated capacity at 7 biodiesel plants across the country. REG will enhance its customers' service experience and reduce processing costs by using FuelQuest Zytax Determination to gain accuracy, transparency, and agility in calculating fuel taxes on invoices.
"Our business is growing quickly across North America," said Jonathon Schwebach, senior manager of tax at REG. "With Zytax Determination integrated into our JD Edwards back office, we expect to achieve efficient automation of tax calculations for all of our fuel transaction invoices, which will also reduce tax accounting and support costs within the organization. Zytax Determination will allow us to scale with confidence, meeting the expectations of our customers as a reliable supplier providing accurate invoices and a seamless customer experience."
FuelQuest Zytax Determination automates the identification and calculation of taxes for fuel, including petroleum products, natural gas, biodiesel, and other products. A leading cause of inaccurate fuel invoices is incorrect tax calculations, which leads to higher internal processing and support costs as well as increased levels of customer dissatisfaction. Zytax Determination addresses these issues by providing the following:
- Drives tax determination accuracy, financial control, and transparency,
- Enhances the customer experience through reliable and trusted invoicing,
- Lowers tax accounting and IT support costs,
- Enables greater agility to expand into new regions, transaction types, or products, and
- Streamlines maintenance of complex and changing tax rates and rules.
FuelQuest provides its tax determination solution for companies of all sizes, across multiple industries including fuel retail, distribution, supply, and trading. FuelQuest's customers include such companies as CountryMark, Gavilon, and Mercuria Energy Group Ltd.
"Renewable Energy Group is the leader in North American biodiesel production and marketing, and we are pleased to provide them with a tax solution that will enhance their customer relationships through improved invoice accuracy, while reducing internal costs," said Phil Fraher, COO and CFO of FuelQuest. "Fuel taxes are highly complex and continuously evolving. Automating tax calculations with Zytax Determination software that tracks and applies rates and rules for all major jurisdictions is the only way to achieve operational scale and reduce risk."
ABOUT RENEWABLE ENERGY GROUP
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 information visit www.REGI.com.
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 650 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 20 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at www.fuelquest.com.
JD Edwards is a registered trademark of Oracle and/or its affiliates. REG, REGI, and Renewable Energy Group are registered trademarks of Renewable Energy Group, Inc. and/or its affiliates. All other trademarks are property of their respective owners. Other product or company names mentioned may be trademarks or trade names of their respective companies.