Alter NRG signs USD-3m license agreement with Posco ICT
Sep 6, 2012 - Canadian plasma gasification firm Alter NRG Corp (TSE:NRG) said Wednesday it had reached a five-year USD-3-million (EUR 2.4m) exclusive license agreement with South Korean IT services provider Posco ICT Co (KDQ:022100).
Under the terms of the deal, Posco ICT will receive exclusive access to Alter NRG's Westinghouse plasma gasification technology to be used for projects in South Korea.
USD 1 million of the total amount will be paid in advance, no later than October 15, while the remaining USD 2 million will be paid when Posco ICT signs an engineering contract for its first project in South Korea. Under the terms of the agreement, Alter NRG will provide engineering support, plasma gasification equipment and assistance to the Korean company in the commissioning for each project at market rates.
Posco ICT will also acquire site licenses for each project and allow Alter NRG to invest up to 25% in any project, owned and run by Posco ICT, using its technology.
Posco ICT is a subsidiary of South Korean steelmaker Posco (SEO:005490).