ProSep was awarded under a Joint Industry Project (JIP) agreement with Total, StatoilHydro and ConocoPhillips, a $1.4 million (CAD) contract for the final stage of development of the ProDry, a proprietary and innovative gas dehydration technology.
"Norway is the epicenter for research, development and commercialization of pioneering technologies for the global oil and gas industry," said Jacques L. Drouin, President and CEO of ProSep Inc. "Our joint industry partnership with super major oil and gas companies is a highly efficient collaboration model. It allows us to develop our pioneering technologies by addressing all project financing needs and rapidly validates market interest before our applications reach commercialization."
Under the terms of the agreement, ProSep will receive a total of 7.5 million NOK (approximately $1.4 million CAD) for the duration of the project, expected to be concluded in the second quarter of 2010. The Company will retain all property rights including technology, patents and licensing fees relating to future sales. Industry funding marks the third and final stage of the development of the ProDry now targeting pilot testing at high pressure, natural gas at Total's Lussagnet site in France.
The ProDry is a compact, light weight technology that efficiently mixes glycol into gas for dehydration. The ProDry utilizes ProSep's proprietary mixing and injection technology developed at the Company's Norwegian operations and provides a more compact and robust gas dehydration as compared to conventional technologies such as absorption towers. Compact and lightweight solutions such as the ProDry are increasingly being developed to address the needs of the growing offshore and subsea oil and gas production activities.
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