Novo Energies Acquires Exclusive Rights to Gasification Technology

Montreal-based Novo Energies Corp. has been granted the worldwide exclusive license by Precision Pipe and Vessel LLC, Denver, to use Precision's gasification technology to convert plastic and tire scrap into energy products.

The two companies have agreed to collaborate to enhance and expand Precision's existing pilot plant in Colorado. Under terms of the agreement, Novo plans on opening other facilities throughout the United States, as well as develop systems outside North America through its partner, Novo Energies International Ltd.

"This is a major milestone for Novo Energies, its team, and our shareholders. In our search for the most efficient and economical methods to convert plastic and used tires into valuable energy products, we have spent the last 12 months evaluating several technologies, including pyrolysis, gasification and microwave based systems,” says Antonio Treminio, CEO and chairman of Novo, in a release.

Novo says it chose Precision’s technology due to the following advantages: it allows efficient conversion of tires and plastic feedstock to energy; the process does not produce any toxic emissions; the preliminary synthesis gas generated through the conversion of tires and plastic meets strict standards on quality and consistency; it has the highest carbon conversion of any known gasification system on the market; it is self sufficient by using the produced synthetic gas to power the process; and the low cost of production.