Industrial Oil Re-refining Group has Granting for a New Patent
Sep 18 2017 Read 590 Times
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, is pleased to announce that it has been successful in its application for a new patent in respect of its transformer oil re-refining process.
The granting of a new patent benefits the Group in ensuring that Hydrodec's technology continues to lead the field in this area for the foreseeable future. The successful application is expected to provide a marketing and operational advantage by extending the ability to claim patent protection over Hydrodec's process by a further 20 years from the patent priority date of 2014.
The new patent covers a method for producing a higher quality non-corrosive product using a specific but incremental improvement to the original Hydrodec process. It has been granted in the US, which is the Group's largest and most important market, subject only to payment of the final fee. Applications in respect of other territories, including the EU, Australia and Japan, are on-going.
The Board expect to announce the Group's interim results for the 6 month period ending 30 June 2017 on or around 25 September.
Chris Ellis, CEO of Hydrodec, commented: 'The award of this patent reinforces the strength of our technological offering and our market leadership. With our transformer oil output now generating carbon credits, we are moving towards a uniquely environmentally friendly business model within the refining and re-refining industry, founded upon a world-leading technology.'
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