Enviro Voraxial Technology (EVTN) has agreed to enter into an agreement with oilfield services provider Schlumberger for the sale of its Voraxial Separator patents and trademarks.
EVTN said on Wednesday that the agreement is expected to be completed within the next three months.
The company produces the Voraxial Separator, an in-line separator able to separate large volumes of solids, liquids, and gasses of different specific gravities without a drop in pressure.
The separator has multiple applications some of which are grit separation, municipal wastewater treatment, oil spill management, offshore and onshore facilities as well as food processing wastewater treatment and fuel separation among others.
Under the terms of the agreement between the two parties, EVTN will sell its intellectual property regarding the Voraxial Separator to the U.S. oilfield services company. EVTN will receive a royalty-free license to use the underlying patents to market, manufacture, and sell the separator for all industries outside of the oil and gas market.
Also, the company will receive certain manufacturing rights to manufacture the Voraxial Separator for Schlumberger for three years.
John A. DiBella , CEO of EVTN, said: “We are very excited about the future potential of this relationship with Schlumberger. 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 it can have significant benefits in treating and cleaning wastewater, such as mining, sewage, and industrial wastewater.”
The company added that both Schlumberger’s and EVTN’s obligations to consummate the transaction are subject to customary closing conditions.