Agreement will give NEI exclusive license to market tire recycling technology outside the Americas.
Novo Energies International Ltd. (NEI) has been granted an exclusive license for all world markets excluding the Americas to commercialize Novo's technology to transform scrap tire into synthetic gas, Fischer-Tropsch diesel, electrical energy and high-quality low-carbon steel shreds, as well as convert waste plastics to energy in certain circumstances. Novo intends to commercialize the technology throughout the Americas.
As part of the agreement, Novo has received a 12.5 percent ownership in NEI based upon a proposed funding of NEI of 3 million British Pounds. In addition, NEI is currently in negotiations to undertake a public listing on the FTSE: AIM exchange in London, United Kingdom.
Antonio Treminio, CEO and chairman of Novo Energies, also has agreed to join NEI’s board of directors.
If NEI raises the 3 million pounds, it intends to commence development of the first international plant to commercialize the company's technology and know-how. NEI and Novo Energies are working together to select the site for the first plant. NEI is evaluating locations in Australia, Thailand and South Africa.
"The Australian, Thai and South African markets, among others, provide NEI with an opportunity to expand within the international alternative energy sector and potentially provide electricity and high-quality transportation fuels economically, efficiently, and in an environmentally sound manner. Similar to North America, each of these countries has significant amounts of waste tires and plastics, and is seeking alternatives sources of energy," says Faisal Butt, VP of Corporate Finance & Communications for Novo.
"NEI has been established to commercialize cutting edge green technologies on a world-wide basis. We have spent considerable time and capital identifying what we believe to be the next breakthrough technology in the green space. After reviewing numerous technologies and businesses, NEI has determined that Novo's know-how & technologies provide the best fit with NEI's goals to produce an energy product from waste tires and plastics. We look forward to potentially operating plants utilizing Novo's technology and know-how throughout the world," says Rupert Hadlow, director for NEI.