(AENDO) Nido's Cool Energy signs agreement with Shell
163 words
17 June 2005
Ralph Wragg Australian Business News
English
Copyright 2005 RWE AUSTRALIAN BUSINESS NEWS PTY LTD. All Rights Reserved.
Sydney - Friday - June 17: (RWE Australian Business News) - Nido Petroleum Ltd (ASX code: NDO) announced(7 June 2005) its gas technology investment, Cool Energy Pty Ltd, had signed an intellectual property licensing agreement with Royal Dutch Shell.
The agreement covers sharing of intellectual property; cooperation with Shell in technology development; and the business areas in which Cool Energy and Shell may commercialise the technology.
Cool Energy's CryoCell technology is a gas sweetening process that removes CO2 in liquid form from natural gas resources, potentially solving a significant environmental problem facing the gas industry worldwide while allowing the commercialisation of previously uneconomic gasfields due to their CO2 content, remoteness or small size.
Cool Energy holds global intellectual property rights for the technology, which was developed at Curtin University's Woodside Hydrocarbon Research Foundation with considerable support from Shell.
This announcement was made after the close of trading.
Nido, which has already seen its shares rise by more than 700% this year, is predicting it will hit month-by-month profitability by the end of the current financial year.
News of further progress in Cool Energy , could provide a fresh boost to the company’s share price which has risen from a low of 0.01c to close on Friday at 0.081c.
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