Feb 11 2011
PowerVerde has declared that they have signed a binding Letter of Intent (LOI) with Newton Investments, a Dutch company, to certify the unique and renewable 50kW energy system developed by PowerVerde.
The LOI would permit Newton to distribute the system all through the 27 countries in the European Union with a focus on Germany, Belgium, Netherlands and the Scandinavian countries. Moreover, PowerVerde has given Newton the authority to manufacture this system on the basis of a strict licensing agreement undertaken with a German/Dutch Machine Shop and Foundry, which has the capacity to produce hundreds of units every year. The LOI states that Newton must sell a minimum of 100 systems in the first year, to continue to enjoy exclusive rights for ten years. Correlated to this, an affiliate company of Newton has invested an amount of $250,000 and purchased 333,333 shares of common stock in PowerVerde with a warranty cum buy back clause.
Newton’s President, Piet van der Hoop commented that PowerVerde was a highly efficient and remarkable energy company. He revealed that up to 300 MW PowerVerde Systems would be installed by them during the coming three years.
Rick Davis, Director of PowerVerde, stated that it was the ideal time for undertaking a licensing agreement for the company as they were completely confident about their products’ readiness for sale. There was a great deal of appreciation for green electricity products in Europe and hence the strategy of launching the product in both Europe and North America was devised. As the EU had a great deal of respect for international intellectual property rights, they had made Newton the first non-US licensing partner.
Source: http://www.powerverdeenergy.com