STWA, Inc. develops and commercializes energy efficiency technologies that comprise the company’s intellectual property portfolio, which includes 24 domestic and international patents and patents pending. The company today announced it has signed a letter of intent with Beijing Heng He Xing Ye Technology Development Co. Ltd. (TDC) to license STWA’s Applied Oil Technology™ (AOT) into the Chinese market.
As a supplier of technology and oil pumping equipment in China, TDC will license certain rights to STWA’s AOT to sell and distribute the system in China. STWA will remain the exclusive holder of all intellectual property related to AOT and will not transfer or assign any right of AOT to TDC.
AOT improves oil flow through pipelines, which reduces the energy required to transport oil by more than 13 percent, according to tests conducted by the U.S. Department of Energy. STWA said it believes AOT has the potential to impact the Chinese oil pipeline industry by creating hundreds of millions of dollars in energy savings by significantly reducing greenhouse gas emissions and helping industry meet the demands set by the State Council of boosting efficiency 16 percent by 2015.
“Key players in the China oil market have taken notice of AOT and our U.S. Department of Energy test results. TDC realizes the enormous favorable financial and environmental impacts AOT can have for China. We are very pleased with the efficiency with which our talks have progressed to date, leading to this Letter of Intent. TDC has shared with us that they have already had discussions with government officials and one of the largest energy companies in China regarding our technology,” STWA chairman and CEO Cecil Bond Kyte stated in the press release. “We anticipate continued productive discussions culminating in more substantive agreements.”
Bjørn Simundson, STWA executive director of program management/operations, noted the advantages the agreement provides for both companies.
“China is in a period of extreme growth, with thousands of kilometers of pipeline under construction and many more to come,” Simundson stated. “The alliance with TDC is a prudent strategic benefit for both companies. Our company holds technology that can vastly improve oil transport for China’s explosive growth, and TDC provides us the proper channels and protection necessary for rapid and secure industry and governmental acceptance and deployment.”
For more information visit http://www.stwa.com
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