IP deal signed for geothermal rights in airborne survey tech

NXT Energy Solutions, website screenshot

Canadian listed NXT Energy Solutions Inc. (TSX:SFD; OTC QB:NSFDF) has announced the acquisition of the SFD ® technology rights for geothermal resources from Mr. George Liszicasz, President and CEO of NXT, and who is the inventor of the SFD® technology. This agreement was negotiated between Mr. Liszicasz and the independent members of NXT’s Board of Directors.

Geothermal applications include naturally occurring sub-surface fluid reservoirs or rock conditions from which heat can be extracted and utilized for generating electric power, or for direct utilization in industrial, agricultural or domestic applications. The main subsurface properties such as porosity, permeability and impermeable cap rock that are vital in the search for oil and gas resources and are equally critical for locating the most prospective geothermal resources. For these reasons, the SFD® technology has a natural extension to geothermal applications and given the currently occurring step change in the worldwide energy industry, the NXT Board believes that the acquisition of this right is well timed and applicable.

Since first commercialized in 2007 for hydrocarbon use, NXT’s non-intrusive SFD® airborne technology enables its customers to significantly improve drill success rates while reducing the overall negative environmental impact of traditional large-scale ground surveys by minimalizing disruptions to community life and surface use. In April 2020, NXT received confirmation of a patent granted from the European Patent Office bringing the total number of countries granting the patent internationally to 44.  NXT will apply for patent protection for the geothermal applications of SFD® once development of the SFD® sensors reach appropriate milestones.

The NXT Board noted, “As industries worldwide transition toward a low-carbon economy, geothermal energy has gained greater prominence for its environmental benefits as a non-intermittent renewable energy source. NXT takes great pleasure in announcing this agreement, and looks forward to leveraging its extensive research and marketing skillset acquired in hydrocarbon resources to develop and commercialize the Geothermal Resource application of the SFD® technology.”

About NXT Energy Solutions Inc.

NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with exploration potential. The SFD® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Source: Company  release via Globe Newswire