Solucorp Signs Exclusive Licensing Agreement For Its IFS-2C Mercury Emission Control Technology
June 03 2008 - 6:00AM
Business Wire
Solucorp Industries Ltd. (OTC: SLUP) announced that it has signed
an exclusive worldwide licensing agreement for its IFS-2C mercury
emission control technology with CoaLogix Inc., a company 85% owned
by Acorn Energy, Inc. (NASDAQ: ACFN) Acorn Energy is focused on
providing cutting edge services to coal-fired power generating
facilities to reduce their environmental footprint through
technology, optimization and efficiency improvements. CoaLogix will
be responsible for marketing, selling and installation of
Solucorp�s IFS-2C technology to these power generating stations.
Solucorp has received a one time licensing fee of $2 million. The
agreement requires that CoaLogix pay Solucorp cost plus an agreed
mark up on all IFS-2C reagents and Solucorp will also receive a
percentage of net sale proceeds based on certain sales parameters.
In addition, Solucorp will be paid a percentage of any royalties
received by CoaLogix for the use of the IFS-2C system usually
billed to clients at the time of system installation. CoaLogix will
market the product under the brand name MetalliFix Hg, and has the
right to sublicense the technology. The term of the licensing
agreement is for ten years with an additional five-year renewal.
During the first five years of this agreement, CoaLogix has
targeted minimum revenues in excess of $70 million. In addition,
CoaLogix has made a $500,000 prepayment for the first order of the
IFS-2C reagent. CoaLogix intends to spend up to $3 million on the
marketing, sales, customer training, product installation and
support of the IFS-2C technology. This program is expected to
rapidly build industry awareness of the newest proven technology to
effectively reduce mercury emissions in coal fired furnace
facilities. Under the terms of this agreement Environmental Energy
Services, Inc. (EES) shall maintain its existing right to market
the IFS-2C technology in North America to its qualified clients and
will report and coordinate all marketing and sales activities
through CoaLogix. Solucorp�s license rights with regard to EES are
now held by CoaLogix under this agreement. Solucorp�s patent
pending IFS-2C mercury emission control technology has already been
successfully demonstrated in a live coal fired furnace facility in
Litchfield, Michigan, as announced on January 23, 2008. The
technology is unique in its ability to remediate mixed heavy metal
contaminants, including elemental mercury, contained within the
wastewater and fly ash residue. Solucorp has received one purchase
order and one Notice to Proceed from coal fired facilities and is
scheduled to demonstrate the IFS-2C�s technology the week of June
9, 2008 at one of those facilities. Preparations are underway for
the third plant demonstration, which is targeted for July 2008. �We
are looking forward to a long and prosperous relationship with
CoaLogix. Our new partners bring to us tremendous experience,
credibility and know-how in the industry which we believe will be
the key to the successful marketing and sales of our IFS-2C
technology,� stated Noel E. Spindler, President of Solucorp�s
Integrated Fixation System subsidiary. Spindler added, �Mercury
emissions are a major issue facing today�s power industry. New,
stringent discharge regulations are leading operators of coal-fired
power plants to search for cost effective and permanent solutions
to address these emissions, and we believe our IFS technology meets
their needs.� Bill McMahon, President and CEO of CoaLogix,
commented; �MetalliFix is a perfect addition to our portfolio of
products and services to reduce the environmental footprint of coal
fired generation. Mercury legislation in the US is imminent and
mercury is an issue at coal fired units around the world, this
technology not only removes the mercury but also takes care of the
disposal issues inherent with other technologies. We are delighted
to have this important technology and also to have Solucorp as our
partners in this important market.� About Acorn Energy, Inc. Acorn
Energy is a publicly traded holding company focused on improving
the efficiency of the energy grid and reducing the environmental
impact of the energy sector. Acorn Energy's operating companies
leverage advanced technologies to transform the existing energy
infrastructure. Acorn's strategy is to take primarily controlling
positions and/or create strategic alliances in companies led by
great entrepreneurs and add value by supporting those companies
with marketing, strategy, and business development. Acorn Energy is
a global company with equity interests in Comverge, CoaLogix, DSIT,
Gridsense, Local Power and Paketeria. For more information visit
www.acornenergyinc.com. About Solucorp Industries Ltd. Solucorp
Industries Ltd., www.solucorpltd.com is a developer and provider of
cost effective, permanent technologies for the remediation and
prevention of hazardous heavy metal (including lead, mercury,
arsenic, chromium, copper, zinc, nickel, selenium and cadmium)
contamination. Solucorp is the owner of several patents and
numerous additional patents that are pending. Solucorp Industries
Ltd. has three wholly owned subsidiaries: Solucorp Industries,
Integrated Fixation System Company, Inc., and WITS, Inc. The
foregoing discussion contains forward-looking statements, which are
based on current expectations. Actual results, including the
outcome of demonstration results, timing and amount of revenues
recognized, contracts awarded and performed and net income may
differ due to such factors as: delays in payment on contracts due
to dealings with governmental and foreign entities; fluctuations in
operating costs associated with changes in project specifications;
economic and other conditions affecting the ability of prospective
clients to finance projects; and other risks generally affecting
the financing of projects. Investors are cautioned to perform a
proper due diligence and consult-licensed professionals prior to
making an investment decision.
Solucorp Industries (CE) (USOTC:SLUP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solucorp Industries (CE) (USOTC:SLUP)
Historical Stock Chart
From Jul 2023 to Jul 2024