Florida-based Enviro Voraxial Technology Inc. (EVTN) has agreed to sell intellectual property, including patents and trademarks, for its Voraxial Separator technology to Schlumberger (NYSE: SLB), according to a news release.
The technology is described by EVTN as a cost effective method to efficiently separate large volumes of solids and liquids—such as oil, water and sand—with different specific gravities without the need of a pressure drop.
As part of the deal, which is subject to customary closing conditions, EVTN will be granted a royalty-free license to use the patents to market, manufacture and sell the Voraxial Separator for all industries, excluding the oil and gas market. But EVTN will be able to manufacture the Voraxial Separator for Schlumberger for a three-year period, the release said.
“This agreement provides EVTN with a path to manufacture and sell the Voraxial into the oil and gas market through Schlumberger and to potentially leverage this success into additional growth opportunities in other industries where the Voraxial can have significant benefits in treating and cleaning wastewater, such as mining, sewage and industrial wastewater,” EVTN CEO John A. DiBella said in the release.
The agreement is expected to be completed within the next three months, according to EVTN.