Neste Oil and Renewable Energy Group Enter into NEXBTL License Agreement
Neste Oil Corporation of Finland and Renewable Energy Group, Inc. (NASDAQ: REGI), headquartered in Ames, Iowa, USA have entered into a Settlement and License Agreement whereby the parties have settled Neste Oil’s US patent infringement lawsuits against REG and REG’s Singapore patent infringement lawsuits against Neste Oil and REG has licensed certain Neste Oil NEXBTL technology and intellectual property rights for use at REG Geismar.
“We are happy that our prolonged patent dispute with respect to renewable diesel has been satisfactorily resolved through constructive discussions with another respected biofuel producer,” says Lars Peter Lindfors, Senior Vice President, Technology at Neste Oil.
“We are happy to have reached a satisfactory resolution with Neste Oil to the US patent infringement lawsuits we inherited in the acquisitions of Syntroleum and Dynamic Fuels. This agreement resolves our dispute with Neste Oil regarding the alleged infringement of Neste Oil’s patents by REG Geismar. Through these discussions with Neste Oil, we discovered useful Neste Oil 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.
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.