Press Release
January 5, 2021

Holland & Knight Represents Neste in Acquisition of Minority Stake in Alterra Energy

DENVER (January 5, 2021) – Holland & Knight advised Neste, the world's leading provider of renewable diesel and sustainable aviation fuel and an expert in delivering drop-in renewable and circular chemical solutions, in its acquisition of a minority stake in Alterra Energy, an innovative chemical recycling technology company. The deal was announced on Jan. 4.

Neste's equity investment supports Alterra Energy's expansion. The collaboration between the companies will include joint technology development and global technology licensing, enabling the partners to collaborate in commercializing Alterra's proprietary thermochemical liquefaction technology in Europe. This technology enables a broad range of plastic waste streams from diverse post-consumer sources to be liquefied into a material similar to crude oil. Such material can be flexibly processed and upgraded by companies like Neste into high-quality feedstock for polymers and chemicals production.

The companies are working together toward a global rollout of Alterra's liquefaction technology with a strong initial focus on Europe, a leading market in the global transition toward making plastics value chains fully circular. With this, the companies aim to accelerate the adoption of chemical recycling and develop capacity to turn hard-to-recycle plastic waste into high-quality, high-performance polymers and chemicals. The collaboration of the companies supports Alterra Energy's target of commencing the construction of a state-of-the-art liquefaction site in Europe during 2021.

The team of Holland & Knight attorneys representing Neste in the transaction was led by Seth Belzley (Denver and Houston) and included Toni Nguyen (Austin), Maureen O'Brien (Chicago), Mark Melton (Dallas), Francesco Salpietro (Philadelphia), Andrew Gillespie (Denver), Robert Hill (Dallas), Meaghan Colligan (Washington, D.C.), Greg Cragg (Los Angeles), Daniel Janovitz (Fort Lauderdale) and Laura Lopez Nickerson (Denver).

More information about the transaction can be found here.

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