Next Fuel, Inc. (OTCQB: NXFI.PK - News) (Other OTC: NXFI.PK) ("the Company"), which develops and commercializes clean energy and environmental technologies and solutions, today announced that it has completed the acquisition of two new technologies that should expand the Company's ability to develop solutions to environmental challenges associated with traditional energy production, industrial pollution, and greenhouse emissions. The acquisition of these new technologies was accomplished via the Company's entry into Technology Purchase and Licensing Agreements.
The Low Energy-input Pervaporation (LPV) Technology expands the Company's energy-related technologies portfolio through its ability to treat the challenges associated with high salt levels and total dissolved solids (TDS) in produced and 'frac' backflow water generated by oil and gas activities. Concerns are growing, throughout the U.S. and globally, regarding the amount and content of wastewater generated by oil and gas development and production activities and the potential adverse impacts of such water upon the environment. This creates a substantial need and market opportunity for advanced wastewater treatment technologies. Next Fuel believes LPV technology could provide the industry with a cutting edge, cost-effective method for treating and/or recycling this type of wastewater.
Following its acquisition of the Intellectual Property (IP) for the LPV technology, the Company entered into an agreement with the University of Wyoming (UW) to advance its development and to construct a prototype LPV system. The term of the agreement with UW is for six months with an expected expense to the Company of $50,000. Next Fuel's management and UW have extensive expertise and knowledge regarding this technology, and expectations are high for the successful development and commercialization of LPV technology in the near future.
"We are very optimistic regarding the potential market applications for LPV technology, which will initially target the demanding market for treating produced water containing high levels of TDS," stated Song Jin, President and Chief Technology Officer of Next Fuel, Inc. "We look forward to our collaboration with the University of Wyoming to develop an LPV prototype, which should represent a significant milestone in our quest for commercialization of this new technology. The University has outstanding credentials, and its research capabilities should prove invaluable in this joint development effort."
The Carbon Dioxide to Product (CTP) Technology focuses on the emerging market for carbon footprint elimination and abatement of greenhouse emissions. CTP technology, which integrates biochemistry with engineering, is designed to convert carbon dioxide (CO2) generated by electric power plants and other fossil fuel-burning industries into value-added products, while also closing the "carbon loop." The CTP process requires minimum energy input. The profit center resides in both the feedstock credits (CO2 from stack emissions) and the creation of value-added products.
"We believe CTP technology has the potential to synergistically strengthen our leading position in the 'clean and green' energy space, while diversifying and expanding the Company's future revenue and profit opportunities," commented Robert Craig, Chairman and Chief Executive Officer of Next Fuel, Inc. "The addition of these two new technologies will hopefully play a significant role in the success of our efforts to enhance shareholder value in coming years."
About Next Fuel, Inc.
Next Fuel, Inc. develops and commercializes innovative technologies associated with renewable energy, including unconventional natural gas production from lower-grade coal, lignite, oil shale and other carbonaceous deposits. The Company is currently in the process of commercializing its Coal-to-Gas (CTG) technology with strategic international partners.
The Company is also developing advanced technologies associated with (1) environmental challenges associated with the treatment of energy-related waste water, (2) processes for carbon dioxide conversion and carbon loop closure, and (3) biological fuel cells. In collaboration with leading research institutes, Next Fuel, Inc. is focused upon the identification, development and/or acquisition of a portfolio of growth opportunities with compelling market potential that are consistent with clean energy and environment stewardship.
This announcement contains forward-looking statements, including statements regarding future business to be conducted by the Company, all of which involve risks and uncertainties. Actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the ability of the Company and its collaborating partners to successfully develop and commercialize new technologies, the results of CTG field tests, receptiveness of the market to the Company's technologies and services, negotiations between the Company and its Chinese partners, and other factors discussed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to the Company as of the date of this news release, and the Company assumes no obligation to update such statements.