AMES, Iowa--(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