A Detailed Look at Axial Vector Energy Corp.’s (AXVC.PK) Joint Venture with Petrosonics
Axial Vector Energy Corp. (AXVC.PK) announced this week that it has teamed up with privately held Petrosonics, LLC, of Reno, Nevada, to develop and market Petrosonics’ sulfur removal technology. Axial’s wholly owned subsidiary, AVEC Acquisitions, represents Axial’s side of the joint venture, and will contribute an initial $6.8 million. The joint venture will be named Petro-AVEC, and will focus on the global refining industry, while continuing development of proprietary technology for the treatment of sour crude oil.
Axial Vector, commonly referred to as AVEC, is best known for the development and licensing of its revolutionary internal combustion engine and electric power generator technologies. The technology allows AVEC to produce unusually efficient multi-fuel engines that are highly cost effective, environmentally superior, and are scalable to all sizes.
Petrosonics is a development stage intellectual property licensing firm specializing in oil refining technologies. It’s best known for using high power ultrasound to reduce sulfur, nitrogen, and trace metals in oil, while also reducing oil density and hydrogen loss. As a result, sour oil becomes less sour, making available more useable refined product, and effectively increasing the value of each barrel of oil. The company owns all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of all oil fractions, and the upgrade and desulphurization of crude oil, and has intellectual property coverage for more than half of all crude oil produced.
In comments on the joint venture, AVEC Chairman Ahmed Khalifa emphasized the strength of Petro-AVEC technology: “Petro-AVEC products and services have broad application for removal of sulfur and nitrogen in multiple refinery applications. In-refinery testing has demonstrated that Petrosonics, LLC’s proprietary technologies and processes are capable of achieving both present as well as near term U.S. sulfur limits in refined diesel. These results were accompanied by increased hydrotreater throughput and efficiency.”
He added, “Testing results at one major state oil company owned refinery, utilizing the Petrosonics fractionation/desulphurization process, showed annual per stream cost savings of in excess of $54 million and a per barrel reduction from $4.00 to $1.00. We believe that EICA is uniquely situated to assist Petro-AVEC in introducing its products, services and technologies to the worldwide production and refining industries. Longer term, Petro-AVEC’s continued development of technologies, products and processes for treatment of sour crude represents significant additional market opportunities.”
Petrosonics CEO, Dr. Mark Cullen, stated that “the combined financial and strategic strengths of both AVEC and EICA will enable and facilitate the commercialization of Petro-AVEC’s products, services and technologies.”
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