Midwest farmers and truckers, as well as environmental enthusiasts, have long admired the green benefits of biodiesel… green because of how clean it is and green because of the money it saves its users. Biodiesel gets 30 percent better mileage than gasoline (although, I realize the engines are different, and you can’t make a direct comparison between the two).

This story on CNNMoney.com says now biodiesel could be making some green for those suits at the New York trading firms:

These days biodiesel isn’t just good for the environment – it’s good for the bottom line. The U.S. market for the combustible stuff has more than doubled every year since 2004 and will hit $1 billion this year. The number of retail pumps nationwide has grown from 350 in 2005 to more than 1,000 today. A couple of biodiesel IPOs are in the offing – and opportunities abound. “Biodiesel is the rock star of fuels,” says Will Thurmond, author of Biodiesel 2020: A Global Market Survey. “It has moved from Woodstock to Wall Street.”

The article goes on to say how the biggest player is Renewable Energy Group, a biodiesel plant builder and producer from this author’s home area. Accounting for more than a quarter of the total American biodiesel production, REG is poised to increase its total capacity to 340 million gallons a year by the end of next year… thankls in part to its relationship with soybean growers. And it’s also ready to make a hit on Wall Street:

REG should be the first biodiesel company to hit Wall Street, having filed for an IPO in July. But REG won’t be the last: Also mulling a stock offering is Seattle-based Imperium Renewables, founded three years ago by former commercial-jet pilot John Plaza. Imperium operates the largest U.S. biodiesel plant and plans to cut a production deal with Washington’s canola farmers.