Oct 24, 2012 - Canadian clean energy firm Xebec Adsorption Inc (TSE:XBC) said Wednesday it had received CAD 1 million (USD 1m/EUR 780,000) in the form of a milestone payment related to a previous sale of intellectual property (IP).
The company expects additional payments of that kind in the coming 18 months.
The payments are related to the sale to sector firm Air Products in March this year of Xebec's IP portfolio, including patents and patent applications connected to its gas separation technology. At the time the company got gross proceeds of CAD 8.6 million plus a licence to continue selling its biogas, natural gas and associated gas purification systems. The disposal agreement included future payments for the achievement of certain conditions.