EM Biofuels Announces Rollout of RINPlus(TM)
(MarketWatch) A Proprietary Renewable Identification Number (RIN) Assurance Program
EM Biofuels, LLC announced today the rollout of RINPlus(TM), a proprietary, web-enabled platform that tracks the origin of each Renewable Identification Number (RIN). RINPlus(TM)( www.RINPLUS.com ) will give Renewable Fuel Standard (RFS2) obligated parties the ability to verify the genealogy of each batch of RINs, from feedstock to RIN generation and separation. In addition to documentation such as the facility’s engineering review, corporate formation documents and operating permits, RINPlus(TM) will also provide validity checks including co-product monitoring, site audits and spot product testing. This comprehensive system gives obligated parties the due diligence and supporting documentation necessary to ensure that the RINs they purchase are valid and meet RFS2 requirements.
The RINPlus(TM) platform is designed to level the playing field for all qualified fuel producers by providing assurance of RIN validity and allowing compliance purchasers to easily conduct due diligence on existing and new counterparties, enabling producers to monetize their RINs at top tier prices currently available only to the largest fuel producers. RINPlus(TM) also provides users with a critical data warehousing service – documents needed to fulfill the RFS2 recordkeeping requirements for the full five-year period mandated under RFS2 are stored in the system. These capabilities simplify annual reporting and attestation requirements for both obligated parties and fuel producers.
“We began working with both producers and obligated parties in 2011, listening to their concerns and incorporating their ideas regarding the specific aspects a RIN assurance platform needed to address. The end result is a platform that has the capacity to become a secure and efficient marketplace for RINs,” said Ken Nelson, Senior Vice President of EM Biofuels.
With a mobile data collection application that seamlessly integrates with fuel producers’ real-time facility operations, RINPlus(TM) captures facility data and establishes the authenticity of RINs generated without requiring prohibitive upfront hardware and audit expenses. The web-enabled platform will also allow compliance managers to create reports summarizing their RIN portfolio with supporting documentation in order to effectively demonstrate their due diligence efforts for both internal and external compliance reporting purposes. Additional features of RINPlus(TM), including an exchange platform for transactions as well as inventory management functionality, are expected to launch in early 2013.