Tekcapital buys air conditioning patents from the University of Central Florida
Technology and intellectual property company Tekcapital jumped 9% after announcing the acquisition of licensing rights to develop air conditioning efficiency patents.
Tekcapital acquired the exclusive rights to a portfolio of nine patents from the University of Central Florida in a bid to improve the efficiency of central air conditioning systems.
The company expects to achieve up to 25% efficiency improvement in condenser fan operations.
The intellectual property portfolio was developed and tested at the Florida Solar Energy Center at the university.
Svetlana Shtrom, director at the university, said: “We are pleased to have licensed this excellent portfolio of energy efficient air conditioning patents to Tekcapital.
“We are very excited about the potential for this technology to improve existing central air conditioning systems and empower the next generation of improved products."
The group said it will issue 69,800 new shares to the University of Central Florida for the acquisition of the exclusive licence to the portfolio of nine patents.
“We look forward to working towards commercialising this technology with leading, forward thinking technology companies that can benefit from improving their products with these advanced energy efficient, air conditioning technologies,” chairman Clifford Gross said.
Shares in the company rose 9.26% to 46.98p on Friday.