Dynamotive, ROC update on Aussie pyrolysis progress

April 15, 2011 |

In Canada, Dynamotive and Renewable Oil Corporation provided an update on the status of their venture in Australia that was reported in February.  Having agreed on the terms, Dynamotive and ROC agreed that development activities would reside with ROC, while Dynamotive would increase their ownership of ROC, currently reported at 8%.

ROC will hold the pyrolysis technology in Australia, Dynamotive would receive in return 50% of future licensing and royalty revenues. Further, ROC would make payments to Dynamotive on 50 % of the Australian master license as per heads of terms agreed previously, i.e. $250,000.

ROC will have access to bio oil upgrading process (patent pending) on commercial terms.  Both companies agreed to negotiate a first license to use on the proposed integrated pilot demonstration unit.

Dynamotive further stated that the upgrading process developed jointly by Dr. Radlein and Dynamotive is currently being evaluated by IFP Energies Nouvelles of France and may lead subject to satisfactory completion of agreed milestones to definitive agreements for its development and commercialization, reported at the end of March.

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Category: Fuels

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