Viking Energy, the Texas-based oil and natural gas company, announced this Monday it entered into an Exclusive Intellectual Property License Agreement with ESG Clean Energy LLC. The agreement will give Viking Energy the rights to use ESG’s patent and know-how on stationary electric power generation.
Firstly, the license includes the use of various methods of power generation; including heat utilization methods and carbon capture. The license is exclusive for all of Canada (unlimited number of systems); and non-exclusive for up to twenty-five locations in the United States.
Secondly, the ESG Clean Energy System is designed to generate clean electricity from internal combustion engines. However, it is also capable of utilizing the combustion-related waste, to capture heat, and the 100% of the carbon dioxide emissions.
Thirdly, the system does its without loss of efficiency, and in a manner to facilitate the production of precious commodities, like distilled and de-ionized water; urea; ammonia; ethanol and methanol, which are important feedstocks for renewable fuels.
In addition, the design of the ESG Clean Energy System allows it to perform a number of other operations; and aligned with different environments; such as plastics recycling operations, nitrogen removal, also, for use in microgrids, data centrs; as well as crypto mining operations.
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Viking energy to provide solutions for a broader spectrum of the industry
Moreover, in regards to the relevance of the licensing for Viking Energy, James Doris, CEO, commented. “In my view this transaction positions us as an industry leader in terms of being able to assist with the power generation needs of commercial and industrial organizations.”
He also highlighted. “At the same time, we will help corporations to reduce their carbon footprint to satisfy regulatory requirements; or to simply follow best ESG-practices. We are also excited to be able to use the platform of Simson-Maxwell Ltd., our recently acquired majority-owned subsidiary, to promote the ESG Clean Energy System.”
On the other hand, Viking Energy is a growth-oriented energy company. It owns and operates oil and also natural gas assets in United States, and provides, through a majority-owned subsidiary, custom energy solutions to commercial and industrial clients in North America.
Consequently, getting the license for the deployment of a clean energy and carbon capture system is a true milestone for Viking; which will now be able to participate in the broader spectrum of the energy industry; while also helping it to transit to cleaner sources of energy.