Neste Oil Corporation and Renewable Energy Group 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 renewable drop-in fuel technology and intellectual property rights for use at REG Geismar in Louisiana.
The two said that the settlement reflects their conclusion that continued pursuit of the US and Singapore patent infringement lawsuits was counterproductive. 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.