Sustainable Energy Signs Agreement with RWE Piller
Sustainable Energy Technologies Ltd. (Calgary, Alberta) announced that it has agreed to license its advanced power electronics technologies to RWE Piller GmbH (Germany) for fuel cell applications. In exchange, RWE Piller will pay a license fee of $790,000 upon completion of factory acceptance testing, as well as ongoing royalties based on the kilowatt rating of power electronics products incorporating Sustainable Energy's technologies.
The license, which may not be assigned or sublicensed outside the RWE corporate group of companies, is exclusive for applications using the Nuvera fuel cell system, and is otherwise non-exclusive. Under the agreement, the license will also include all new intellectual property developed by the corporation during continued funding of non-recurring engineering by RWE Piller.
"Our relationship with RWE Piller, which is one of the world's leading power supply manufacturers, is an important validation of the potential of our technology," stated Sustainable Energy President and CEO Michael Carten. "Also, the value of RWE Piller's 'in kind' technical and engineering support in accelerating the product development process is incalculable."