Company Website:
http://www.regi.com
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
Contacts:
REG
Anthony Hulen, 703-822-1972
Executive Director, Corporate
Affairs
anthony.hulen@regi.com
or
Neste
Oil
Lars Peter Lindfors, +358 50 458 3605
Senior VP, Technology
lars-peter.lindfors@nesteoil.com
Source: Renewable Energy Group, Inc.
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