SPOKANE, WA / ACCESSWIRE / December 7, 2021 / REGI U.S., Inc. ("REGI" or "RGUS" or "the Company") (OTC PINK:RGUS). The Board of Directors, Regi U.S., Inc. and its wholly owned subsidiary RadMax Technologies, Inc. (RadMax) are pleased to announce a comprehensive product development and licensing agreement (Agreement) with TAKEnergy Inc. (TAKE), Calgary, AB, for Oil and Gas and Pipeline industries in North America.
TAKE's management team have over 150 combined years of experience in oil and gas, manufacturing, engineering, and sustainable energy systems. With North American and International market experience, they are dedicated to the further development and speedy commercialization of RadMax products for the Oil and Gas industry in North America. This over-riding Agreement provides flexibility in developing a long-term manufacturing and marketing relationship between the two companies.
Under the terms of the Agreement, RadMax grants TAKE the manufacturing and marketing rights for the commercialization of RadMax technology-based compressor and expander products for the North American Oil and Gas and Pipeline industries. RadMax and TAKE will also jointly develop intellectual property related to technological advancements to commercialize RadMax products.
RadMax and TAKE expect the newly developed compressor and expander products will be available in late 2022 for the North American market through TAKE. This will be following the successful completion of the Canadian Natural Gas Innovation Fund, (NGIF) sponsored demonstration project previously announced (read here).
RadMax expanders and compressors provide an efficient and economic path to compliance in advance of reduced methane emission requirements for oil and gas producers and distributors. When deployed at pressure letdown points along the production and distribution chain it will reduce GHG emissions and lower energy costs. The reliable, green, zero emission power generated by RadMax technology can play a meaningful role to help clients meet environmental targets and reduce power costs.
"Our ability to offer economical, reliable, cleantech power alternatives for remote site control and monitoring, as well as reduction in purchased power, is a significant breakthrough for regulators, producers and end-users looking to reduce methane emissions and carbon footprint," explained Paul Porter, RadMax President and Chief Technology Officer.
"TAKEnergy is excited to partner with RadMax technologies to bring this innovative technology to market. Our team has the manufacturing capabilities, product development expertise and oil and gas industry experience to meaningfully accelerate commercialization. We are passionate about manufacturing in Alberta and look forward to working with clients to help them achieve their environmental goals." said James Cleland, President of TAKEnergy.
About REGI U.S., Inc.
RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is a research and development company focused on creating new, disruptive technologies that are more efficient, compact, and cost-effective than those currently available, and is developing and commercializing high efficiency engines, compressors, expanders and pumps for civilian, commercial and government applications based on our patented RadMaxTM axial vane-type rotary technology.
About TAKEnergy Inc.
TAKEnergy Inc. is a Calgary based business, formed in 2021 by five energy and manufacturing executives to address two critical market needs: help Canada's natural gas industry meet zero methane emission targets and to provide small scale green power to industrial and commercial clients.
FORWARD LOOKING STATEMENTS:
Statements in this press release regarding the business of RadMax Technologies, Inc. and REGI U.S, Inc. (together the "Companies'") which are not historical facts are "forward-looking statements" that involve risks and uncertainties, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
CONTACTS:
Regi U.S., Inc.
Paul W. Chute, CEO
(509) 474-1040 Ex. 101
[email protected]
7520 N. Market St. STE #10
Spokane, WA. 99217-7800
TAKEnergy Inc.
James Cleland, President
(403) 992-6104
[email protected]
Suite 1500, 205 - 5th Ave SW
Calgary, AB. T2P 2V7
SOURCE: REGI U.S., Inc.