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Novozymes Awarded Damages for Patent Infringement

Novozymes A/S (NVZMF.PK), based in Denmark, was awarded double damages, attorneys’ fees and costs for patent infringement. A federal court in Delaware ordered Danisco to pay damages of US $4,088,584 plus prejudgment interest for infringing Novozymes’ U.S. Patent No. 6,867,031 covering Spezyme® Ethyl, an enzyme used to manufacture bioethanol. The federal court also found that Danisco wilfully infringed Novozymes’ patent and that the case was exceptional. As a result, the court doubled the damages and also awarded Novozymes attorneys’ fees and costs. The court also issued a permanent injunction against Danisco preventing future violations of Novozymes’ patent. The case began in March 2005 when Novozymes brought a patent infringement litigation against Genencor International Inc., which was subsequently acquired by Danisco A/S. The litigation was based on the sales of Genencor’s product Spezyme® Ethyl to the American market for bioethanol and other industries. In August 2006, a Federal District Court in Delaware, USA held that Spezyme® Ethyl infringed Novozymes’ patent. At that time, Danisco chose to withdraw the product from the market. The damage payment of DKK 45 – 50 million will have a positive effect on Novozymes’ EBIT and net result for 2007, provided the decision of the court is […]

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Converted Organics Closes $17.5M Bond Deal

Converted Organics Inc. (NASDAQ: COIN) has closed a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal for $17.5 million. The proceeds of the bonds will be used to develop and construct the Company’s initial facility in Woodbridge, NJ. The 20-year bonds will bear interest at 8.0% annually and will be secured by a corporate guarantee by Converted Organics Inc., a leasehold mortgage, and a first lien on equipment and other assets at the New Jersey facility in favor of the bondholders. The borrower under the bond issue will be Converted Organics of Woodbridge, LLC, a wholly-owned New Jersey limited liability subsidiary of Converted Organics Inc. The subsidiary will develop and operate the New Jersey facility. Edward J. Gildea, President and CEO said, “This has been an exciting week for us. We have closed our equity offering, and the units have begun trading on the NASDAQ. Now, we have completed our bond deal. Combined, these events will allow us to build the New Jersey plant to produce an organic fertilizer, or ‘biostimulant,’ with applications in the agricultural, horticultural, and turf markets. We have already begun to establish relationships with customers on the east coast, and this offering will […]

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Carbon Taxes or Caps?

A study by Dr. Robert J. Shapiro, former U.S. Undersecretary of Commerce for Economic Affairs during the Clinton Administration, concludes that a carbon tax may be the better approach to lowering greenhouse gas emissions than the caps and tradable permits (cap-and-trade) legislation currently being advocated by many members of Congress. The study finds that carbon taxes would provide businesses and industries with incentives to invest in more efficient technologies that actually reduce CO2 output, and achieve the policy objective of lowering emissions. Other important findings of the report, which is titled Addressing the Risks of Climate Change: The Environmental Effectiveness and Economic Efficiency of Emissions Caps and Tradable Permits, Compared to Carbon Taxes, include: — Although carbon taxes and cap-and-trade schemes will both result in significantly higher prices for fossil fuels, carbon taxes cannot be manipulated by the markets and would offer the most stable and transparent system for consumers and industry alike. — Carbon taxes do not create the price volatility and administrative problems associated with cap and trade. — Carbon taxes are a more effective way to reduce Greenhouse Gas Emissions and provide a more powerful incentive to develop new, climate-friendly technologies. — The European Emissions Trading Scheme […]

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Global Warming Victory in New Jersey

New Jersey Gov. Jon S. Corzine signed an executive order yesterday that commits the state to reduce greenhouse gas emissions to 1990 levels by 2020. The order requires that be reduced to 80% below 2006 levels by 2050. The State Department of Environmental Protection will monitor progress toward these goals; the Department of the Treasury has been directed to create targets and implementation strategies over the next six months. NGO US PIRG said the fact that the New Jersey Global Warming Response Act requires mandatory caps on all global warming emissions from all sources statewide, is especially important. They emphasized the importance of not importing coal-fired electricity from nearby states. In nearby Pennsylvania, TXU Energy has proposed building two to three conventional coal-fired power plants. If these plants are constructed, they will wipe out all of the global warming emissions reductions in the Regional Greenhouse Gas Initiative. Another threat is American Electric Power’s proposed $3 billion 765-kv transmission line that would pump in dirty energy from West Virginia to New Jersey. One tool to avoid this potential problem is to require a global warming emissions standard for all electricity imported to New Jersey. State Economy-Wide Global Warming Initiatives · New […]

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