Mon, Dec 22 2008 06:29 PM | Permalink
Drayton Weissenfels Inc. and Yet2.com find customers and develops business for Electro-Petroleum, enabling them to commercialize their clean-tech oil-recovery technology.
Toronto, December, 23rd 2008 — Yet2.com, the global technology transfer marketplace, announced today that it provided consulting services and business development services that brought Electo-Petroleum (EPI, www.electropetroleum.com) its first customer and ultimately led to EPI securing $9 million USD in venture funding.
Electro-Petroleum's unique technology enables low-cost recovery of stranded oil reserves — those too heavy or that lie too deep — by applying electrical current to hydrocarbons in the ground. The Company is initially focused on the recovery of heavy oils, which are too viscous to be extracted by conventional pumping techniques. The Company's technology is dramatically friendlier to the environment than alternative heavy oil extraction techniques (such as steam injection, which requires massive amounts of water and power).
"We are very pleased with yet2.com's service. They have helped connect us to the Fortune 500, they helped us find our first customer, and then they used this combination to help us raise the capital that we needed. Yet2.com is a great organization," said Phil Bell, CEO of Electro-Petroleum.
"Phil Bell and his colleagues at EPI were a delight to work with," said Ben duPont, President of yet2.com. "They have a strong technology and the know-how to implement it well."
Yet2.com, with its Canadian partner Drayton Weissenfels Inc., found an excellent pilot customer for Electro-Petroleum's technology — a 3,000-acre oil field in Canada owned by Deloro (www.Deloro.ca). Electro-Petroleum is installing its environmentally friendly oil recovery technology in Deloro's Wilki field.
"Two main issues with the Canadian oil sands are water consumption and GHG's" said Dwayne Matthews, President of Drayton Weissenfels Inc. " EPI's technology can in many cases eliminate water consumption completely and will produce no greenhouse gas emissions on the site. We are pleased to help introduce a technology that will play such a vital role to Canada's resource management"
About yet2.com
Yet2.com provides intellectual property consulting and licensing services to world-class clients around the globe. Yet2.com Inc and its online marketplace were founded in 1999 to promote technology licensing and transfer, with original investments from Siemens, Bayer, Honeywell, DuPont, Procter & Gamble, Caterpillar, and NTT Leasing. The privately held company has offices in the United States, Europe, and Japan. The web site now has over 100,000 registered marketplace users, including many of the Fortune 500 and over 11,000 SMEs. In addition to its core team, yet2.com has created a wide network of technology transfer partners covering many of the technology-rich countries around the world, as well as relationships with technology transfer organizations, networks of technical experts, SME networks, technical magazines, online technical communities, and technology brokers. These provide market-wide access to technologies and needs in countries such as Russia, China, India, Korea, Brazil, South Africa, Japan, the US, and Europe. For more information, visit www.yet2.com.
About Drayton Weissenfels Inc.
Drayton Weissenfels Inc. connects innovation, ideas and intellectual property to industry by leveraging open innovation, a process that enables companies to have wider distribution of research and development initiatives by accessing global expertise through licensing, purchasing intellectual properties and processes. The sole Canadian partner of Yet2.com, one of the largest technology transfer marketplaces in the world, Drayton Weissenfels helps companies generate revenue streams from underutilized intellectual property. Drayton Weissenfels Inc. is based in Toronto, Canada. For more information or to coordinate an interview, please contact Dwayne Matthews at dmatthews@draytonweissenfels.com or 647 401 3020
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