Renewable Energy Group and Neste Oil Settle US and Singapore Patent Lawsuits
December 19 2014 - 7:00AM
Business Wire
Renewable Energy Group, Inc. (NASDAQ:REGI), headquartered in
Ames, Iowa, USA and Neste Oil Corporation of Finland have entered
into a Settlement and License Agreement whereby the parties have
settled Neste’s US patent infringement lawsuit against REG and
REG’s Singapore patent infringement lawsuit against Neste and REG
has licensed certain Neste Oil NEXBTL technology and intellectual
property rights for use at REG Geismar.
"We are happy to have reached a satisfactory resolution with
Neste Oil to the US patent infringement lawsuit we inherited in the
acquisitions of Syntroleum and Dynamic Fuels. This agreement
resolves our dispute with Neste regarding the alleged infringement
of Neste’s patents by REG Geismar. Through these discussions with
Neste, we discovered useful Neste intellectual property that
through this license we will now be able to use to enhance
operational flexibility for REG Geismar," said Eric Bowen, REG Vice
President, Corporate Business Development & Legal Affairs.
"We are happy that our prolonged patent disputes with respect to
renewable diesel have been satisfactorily resolved through
constructive discussions with another respected biofuel producer,"
said Lars Peter Lindfors, Senior VP, Technology at Neste Oil.
The settlement reflects the parties’ conclusion that continued
pursuit of the US and Singapore patent infringement lawsuits was
counterproductive and the parties' desire for a mutually agreeable
resolution. With the disputes now resolved, REG and Neste Oil look
forward to working together to grow and expand the renewable fuels
and chemicals marketplace globally.
The settlement is not an admission by either party as to the
validity or infringement by one party of the other party’s
patents.
REG became the owner of the former Dynamic Fuels facility in
Geismar, Louisiana in June, 2014. REG inherited the US and
Singapore patent lawsuits that are now settled as part of the
acquisitions of Syntroleum Corporation and Dynamic Fuels.
About Renewable Energy Group
Renewable Energy Group, Inc. is a leading North American
advanced biofuels producer and developer of renewable chemicals.
REG utilizes a nationwide production, distribution and logistics
system as part of an integrated value chain model to focus on
converting natural fats, oils and greases into advanced biofuels
and converting diverse feedstocks into renewable chemicals. With 10
active biorefineries across the country, research and development
capabilities and a diverse and growing intellectual property
portfolio, REG is committed to being a long-term leader in
bio-based fuels and chemicals.
For more than a decade, REG has been a reliable supplier of
advanced biofuels which meet or exceed ASTM quality specifications.
REG sells REG-9000™ biomass-based diesel to distributors so
consumers can have cleaner burning fuels that help diversify the
energy complex and increase energy security. REG-9000™
biomass-based diesel is distributed in most states in the US. REG
also markets ultra-low sulfur diesel and heating oil in the
northeastern and midwestern US. For more information on REG visit
our website at www.regi.com.
Neste Oil in Brief
Neste Oil Corporation is a refining and marketing company
specializing in high-quality fuels for cleaner traffic. The company
produces all of the most important oil products and is the world's
leading supplier of diesels made of renewable raw materials. In
2013, the company's net sales stood at EUR 17.5 billion, and it
employs some 5,000 people. Neste Oil shares are listed on the
NASDAQ OMX Helsinki.
Neste Oil has been accepted into the Dow Jones Sustainability
World Index. The company has also been on the Global 100 list of
sustainable companies for several years in succession. CDP Forest
has selected Neste Oil as one of the best companies taking care of
their forest footprint in the oil and gas industry.
www.nesteoil.co
REGAnthony Hulen, 703-822-1972Executive Director, Corporate
Affairsanthony.hulen@regi.comorNeste OilLars Peter Lindfors, +358
50 458 3605Senior VP,
Technologylars-peter.lindfors@nesteoil.com
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