Energy Related Devices Inc. (ERD, Los Alamos, NM) has entered into an agreement with Manhattan Scientifics Inc. (MSI, Los Alamos, NM) for a worldwide non-exclusive license of Manhattan's MicroFuel Cell™ technology. Under the agreement, ERD is allowed to sublicense to any number of companies to produce and sell MicroFuel Cells.
Under the agreement between ERD and MSI, ERD has a worldwide non-exclusive license to the micro fuel cells; ERD can sub-license one tier (i.e., ERD can sub-license to any number of companies and these sub-licensees may not license to any other companies), to produce and sell MicroFuel Cells™; ERD has a one-year, fixed-price, buy-out option from MSI for both the MicroFuel Cell™ and the micro mirror solar cells' intellectual property; and the research and development contract between ERD and MSI has been terminated and replaced with an agreement for ERD acting as a contractor to MSI to primarily maintain the intellectual property portfolio.
Although ERD is now an independent contractor of MSI, both companies will continue to work together towards the development of the fuel cell and solar cells.
