AMES — Renewable Energy Group, Inc. 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,” said Eric Bowen, REG vice president, Corporate Business Development & Legal Affairs.
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, La. in June. REG inherited the US and Singapore patent lawsuits that are now settled as part of the acquisitions of Syntroleum Corporation and Dynamic Fuels.