NaturalNano, Inc. announced that it had sold two US Patents to GND Engineering.
In a release on Jan. 13, the Company said that the patents relate to the creation and use of ultracapacitators formed by using mineral Microtubes. The Company will receive an upfront payment and a royalty stream for any commercial applications developed by GND.
NaturalNano's CEO James Wemett said, "NNAN has and will continue to expand the applications for its proprietary Halloysite NanoTubes. In the course of becoming the world leader in developing commercial applications for HNT, we have discovered and identified a range of promising uses on which we are now focused. The applications for HNT covered by these patents are not strategic for our current and future business plans. There may be utilities of the ultracapacitators application covered by this IP but it is better for this activity to be in the hands of a partner like GND."
Robert Gunderman, founder of GND Engineering, said, "We are enthusiastic about the opportunities this transaction opens up for both companies. Halloysite nanotubes have some fascinating properties, and the ability to advance this technology and rely on a supply of top quality halloysite nanotubes from NaturalNano makes this a very worthwhile endeavor."
NaturalNano, Inc. is engaged in the development and commercialization of material additives.
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