Key Developments: Syntroleum Corp (SYNM.PH)
14 Jun 2013
Latest Key Developments (Source: Significant Developments)
Neste Oil Oyj Files Patent Infringement Action against Dynamic Fuels, LLC, Syntroleum Corporation and Tyson Foods, Inc
Neste Oil Oyj announced that it has filed a patent infringement action against Dynamic Fuels, LLC, Syntroleum Corporation and Tyson Foods, Inc in the US (United States) District Court for the District of Delaware. The Company believes that one of its patents is being infringed by Dynamic Fuels LLC, Syntroleum Corporation and Tyson Foods in the production of renewable diesel at Dynamic Fuels' plant in Geismar, Louisiana. The action asserts the infringement of Neste Oil Oyj's US Patent, which protects aspects of Neste Oil Oyj's renewable diesel technology, and was issued on May 29, 2012 and expires in 2025. Full Article
Tyson Foods, Inc. And Syntroleum Corporation's JV Company Dynamic Fuels, LLC To Supply Renewable Fuel to U.S. Navy With Help Of Solazyme, Inc.
Dynamic Fuels, LLC, a joint venture between Tyson Foods, Inc. and Syntroleum Corporation announced that, it has been awarded a contract to supply the U.S. Navy with 450,000 gallons of renewable fuels. Solazyme, Inc., will help Dynamic Fuels fulfill the contract, which the Navy. The contract involves supplying the Navy with 100,000 gallons of jet fuel (Hydro-treated Renewable JP- 5 or HRJ-5) and 350,000 gallons of marine distillate fuel (Hydro-Treated Renewable F-76 or HRD-76). The fuel will be used as part of the Navy's efforts to develop a "Green Strike Group" composed of vessels and ships powered by biofuel. Full Article
Syntroleum Corporation announced an underwritten public offering of 15,900,000 shares of its common stock and warrants to purchase up to 7,950,000 shares of our common stock, offered at a price of $1.58 per share to the public. Each share of common stock is being sold together with 0.5 of a 5 year warrant to purchase one share of common stock at an exercise price of $2.36. The gross proceeds to Syntroleum from this offering are expected to be approximately $25.1 million from the sale of common stock and an additional $18.8 million if all the warrants are exercised, before deducting the underwriting discount and other estimated offering expenses payable by Syntroleum. All of the shares in the offering are to be sold by Syntroleum. The offering is expected to close on or about July 6, 2011. JMP Securities LLC is book manager and underwriter for the proposed offering. Syntroleum intends to use the net proceeds from this offering for general corporate purposes, working capital for its Dynamic Fuels, LLC investment and initial natural gas to liquids project development. Full Article