GDT Tek and Steriwave Hungary Sign License Agreement
Under the licensing agreement, the company granted exclusive rights to market, distribute, and deploy the company's renewable and sustainable energy technology that converts heat and/or waste heat into electricity in certain European countries.
The countries covered by the agreement include Italy, Spain, Romania, Slovakia, and the UK. The initial term of the agreement is for 18 months, and will be automatically renewable for an additional 15 years upon funding of the first European electricity generating project obtained by Steriwave utilizing the company's renewable and sustainable energy technology.
Steriwave will provide funding for the waste heat to electricity projects. The parties will split the gross profit from projects covered by the agreement 70 percent to Steriwave and 30 percent to the company until the principle investment of Steriwave is paid back, and thereafter, the parties shall split gross profits 50 percent each.
Steriwave Hungary Steriwave based in London has developed a new concept for central heating systems, water sterilization systems and sterilization of bio-hazardous waste.
Bo Linton, president of GDT Tek, said: â€œWe are very pleased to form this alliance with Steriwave. The interests of their group are very wide and in many domains from Microwave to Ultrasound technologies.
â€œSteriwave is backed by many international scientists of the Telesio Galilei academy, Lium University, and the Noetic Advanced Studies Institutes, which brings more financing options, attention, and credentials to the GDT Tek waste heat to electricity projects.â€
Will the deal benefit the firms?
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