Renewable Energy Group and Neste Oil Settle US and Singapore Patent Lawsuits

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.