| CATEGORY: AIM BULLETIN SECTOR: INDUSTRIAL ENGINEERING |
Pursuit signs agreement with Babcock and Brown |
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Thu 02 Oct 2008
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LONDON (SHARECAST) - Steam pump technology firm Pursuit Dynamics has signed a letter of intent (LOI) to install its technology in four Babcock and Brown Biofuel ethanol plants.
The group will install its PDX Ethanol Reactor Tower (ERT) in the four plants, which are owned by companies in which Babcock and Brown Biofuel is a majority shareholder.
Monthly royalties are payable based upon a percentage of the overall benefit to the customer and are primarily derived from yield improvements.
“The signing of this LOI represents an important commercial development for Pursuit Dynamics and its ERT technology, said CEO John Heathcote.
“We have been working closely with Babcock and Brown over the past 12 months to demonstrate the advantages our technology provides and, as we commence aggressive penetration of the US ethanol market from our Fallbrook, California facility, the addition of Babcock and Brown as a customer represents an important milestone,” he added.
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