CET signs joint development and licensing agreement

Corac Energy Technologies (CET) has signed a joint development and exclusive licence agreement with a global partner to apply its core technology in a range of industrial compressors and expanders for new commercial applications.

The partner is to invest more than £800,000 with CET for the development of two systems against agreed project milestones.

Following system development, the partner will become the exclusive worldwide manufacturer and distributor of the resulting products.

The licence agreement will cover a five-year period from delivery of the first systems.