RE: Vakor Utah6 May 2024 19:22
@bertyb01, the exclusivity for Utah is on the cards, but nothing has been consummated. Currently they have a non-exclusive agreement.
From the circular (emphasis mine):
# Utah
The project with Valkor in Utah, USA, targets the supply of low sulphur MSAR® and bioMSAR™ to the
marine and power sectors, with the fuels produced on site then transported to major ports and power
stations.
In June 2023, QIL signed a Site License and Supply Agreement (“SLS”) with Valkor, under which QIL granted
Valkor the exclusive right and license to use our technology at a central processing facility located at the **Primary Project Site (“PPS”) at Asphalt Ridge in Utah, USA and to market the fuel on a non-exclusive basis
from Utah.**
In exchange, Valkor will pay QIL a US$1.0 million licence fee subject to receipt by Valkor of project financing
of at least US$15 million at the PPS. Valkor will pay QIL a further US$0.5 million upon delivery of an MMU
to the PPS.
Following Valkor’s receipt of the MMU, QIL will provide engineering, project development and support
services for a minimum of two years, for which Valkor will pay QIL a quarterly retainer of US$75,000 under
the SLS. Valkor may then choose to purchase QIL’s technology and MMU for US$1.0 million.
A non-binding Heads of Agreement has also been entered into between the parties which sets out the basis
on which **QIL and Valkor will seek to agree a conditionally exclusive Sub-License Agreement to be granted
to Valkor covering the state of Utah**, as well as the terms on which the resulting net profit generated will be
shared between QIL and Valkor