Under the agreement, which is expected to be completed within the next 3 months, Enviro Voraxial Technology will receive a worldwide, royalty-free licence to use the underlying patents to market, manufacture and sell the Voraxial Separator for all industries outside of the oil and gas market. Enviro Voraxial Technology will also receive certain manufacturing rights to produce the Voraxial Separator for Schlumberger for a period of three years.
"We are very excited about the future potential of this relationship with Schlumberger," said John DiBella, CEO of Enviro Voraxial Technology. "This agreement provides EVTN with a path to manufacture and sell the Voraxial into the oil and gas market through Schlumberger and to potentially leverage this success into additional growth opportunities in other industries where the Voraxial can have significant benefits in treating and cleaning wastewater, such as mining, sewage and industrial wastewater."
Enviro Voraxial Technology is the developer and manufacturer of the Voraxial Separator, a unique, patented, in-line turbo-separator that separates large volumes of solids and liquids with different specific gravities and without the need of a pressure drop. The Voraxial is capable of simultaneously separating up to three components, such as oil, water and sand. It can be used as a stand-alone separator or incorporated with other equipment to provide a complete turnkey solution that allows customers to treat a variety of fluid streams while reducing treatment cost and increasing separation efficiency.