Hydro Alternative Energy Inc., a renewable energy company, has acquired all U.S. and international patent and intellectual property rights to certain water power technology for use in certain commercialized water power applications.
Such technology rights are the subject of an exclusive licensing agreement between Water Power Technologies, LLC (WPT), a wholly-owned subsidiary of HAE, which the company previously reported as having acquired in December 2009, and HAE. (HydroWorld 12/09)
HAE projects that the basic design of the technology set forth in the patent pending applications will allow HAE to save about 2 to 3 years of research and development.
The company acquired such patent technology rights from the inventor, Harry "Skip" Robinson, a former WPT unit holder and now a company shareholder, in consideration for: (i) $5,000; (ii) a guarantee on the part of HAE to pay certain vendor fees owed by the inventor in connection with the preparation of the patent applications; and (iii) an earned running royalty agreement between HAE and the inventor which provides for HAE to pay the inventor an earned running royalty rate of one percent based on the net selling price of patented products sold using the technology, commencing with the first sale, for the duration of HAE's patent rights.
"We are very excited about this patent rights technology acquisition and believe that it will accelerate our efforts to produce working turbines for clean, low cost electric energy production and deployment in slow moving water in areas not yet currently serviced," said Mark Antonucci, chief financial officer and co-founder of HAE.
Antonucci was further quoted as saying: "We are developing a system to generate clean, inexpensive and predictable energy by converting ocean and tidal currents into usable energy through our planned Hydro Power Generation System. Utilizing these currents, we believe we will be able to create significantly higher levels of power generation as compared to other renewable and/or alternative energy sources such as wind and solar power. We believe that the turbine described within the patent pending applications will allow our system to generate more power than originally estimated. The design of the patent pending technology is modular in design, environmentally friendly and unobtrusive to the surrounding area."
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