- NXT Energy Solutions Inc (SFD) has acquired the SFD®technology rights for geothermal applications
- NXT’s non-intrusive SFD airborne technology improves drill success rates while reducing the environmental impact of large-scale ground surveys
- Geothermal energy has gained greater prominence for its environmental benefits as a non-intermittent renewable energy source
- NXT Energy Solutions Inc is a Canadian company that offers geophysical service to the upstream oil and gas industry
- NXT Energy Solutions Inc (SFD) opened trading at $0.62 per share
NXT Energy Solutions Inc (SFD) has acquired the Stress Field Detection (SFD) technology rights for geothermal applications.
These rights were acquired from Mr. George Liszicasz, President and CEO of NXT, and 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 are vital in the search for oil and gas resources and are equally critical for locating the most prospective geothermal resources. 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 significantly improves 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 the development of the SFD sensors reaches 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."
Consideration for the acquisition of the Geothermal Resource will be settled in these significant milestones.
- A signature payment of US$40,000 and 300,000 common shares, subject to TSX approval
- A US$200,000 milestone payment will be made when the company’s cash balance is over C$5,000,000
- US$250,000 SFD project contract milestone. This milestone will be paid if within two years the company signs SFD contracts valued at US$10,000,000 or greater, and is in receipt of at least US$5,000,000 cash from those same SFD project contracts.
Following the issuance of the 300,000 Common Shares, Mr. Liszicasz will hold approximately a total of 15,337,234 (23.7%) of NXT Energy’s 64,814,921 outstanding Common Shares.
NXT Energy Solutions Inc is a Canadian company that offers geophysical service to the upstream oil and gas industry using its gravity-based Stress Field Detection (SFD) remote-sensing survey system.
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.