HYR.L Share News (HYR)

(Sharecast News) - Industrial oil re-refining company Hydrodec Group announced on Wednesday that the European Patent Office has granted it a patent.The AIM-traded firm said the patent would strengthen its intellectual property position in the global market, and would lead to validation in the UK, Germany and Denmark markets and added to the recent US patent grant.It said the patent protected the operating and design intellectual property improvements made to the original re-refining technology developed over 10 years of commercial operation.The grant of the European patent reinforced the ongoing commercial protection of Hydrodec's proprietary technology work in the production of "sustainable and high quality" oil products at market competitive prices, the board said.Hydrodec had licenced the original patent for the production of electrical insulating oil from used oil from CSIRO, Australia in 2004, with the full rights assigned in 2009.The European patent captured design and process improvements to the re-refining process that enhanced process economy, reliability and consistency of the core re-refining technology."This patent provides continuing protection to Hydrodec's unique re-refining technology for production of high quality SUPERFINE transformer oil from used electrical insulating oils," said Hydrodec executive chairman and interim chief executive officer Colin Moynihan."SUPERFINE adds value through its unique carbon credit generation and assists customers looking to boost their sustainability ratings and green credentials."Moynihan said the patent provided a platform on which expansion into other markets with re-refined oil products could be built."As a second phase we have filed patent applications for all European markets in which the re-refining of used oil takes place."