Vertex Energy, Inc. announced the successful completion of the startup procedures for its renewable diesel conversion project at its Mobile, Alabama, refining facility. Additionally, the Company announced that it has entered into a new working capital facility with existing liquidity provider, Macquarie Group's Commodities and Global Markets business ("Macquarie"), to supply the necessary liquidity for securing feedstock for renewable diesel production. After a two-week period of downtime related to the previously disclosed repairs on the feedstock pumping system, repair and reinstallation operations have been successfully completed.

Startup procedures were completed last week and the Company reported that the renewable diesel facility has achieved initial production as of May 27, 2023. Vertex also announced the entry into a Renewable Supply and Offtake Agreement with existing liquidity provider,Macquarie for the liquidity needs required to acquire feedstock inventory and monetize renewable diesel and regulatory credits for its renewable diesel facility. The new working capital facility is similar in nature to the existing Supply and Offtake Agreement in place with Macquarie used to monetize Vertex's crude oil feedstock and products needs on the conventional side of the business.

The terms of the RSOA were filed with the SEC in a Current Report on Form 8-K concurrently with this release. Stroock & Stroock & Lavan LLP acted as legal advisor to Vertex with respect to the transaction. The Company plans to commence the commercial sale of renewable diesel in June 2023, after receiving required EPA certifications for Renewable Identification Numbers.