Market Overview

RadMax Technologies, Inc. Awarded Funding from Canada's Natural Gas Innovation Fund (NGIF) for a Cleantech Innovation Project to Reduce Methane Gas Emissions

Share:
  • NGIF's mandate is to take action and "advance the most promising enterprises in cleantech innovation" and support them through their projects to commercialization and market success.

  • NGIF member companies include; Shell, Chevron, CNRL, Petronas, SaskGas, ATCO, Pacific Northern Gas and Birchcliff Energy.

  • Natural gas powered pneumatic controllers which maintain process conditions at the wellhead, have been targeted by government regulators due to their inherent nature to vent methane, which represents 15% of Canada's total Greenhouse Gas Emissions.

  • The Canadian government has initiated policies that will require all existing pneumatic controllers installed before January 01, 2022 to be replaced, retrofitted or modified so that they are considered to be a low-vent alternative.

Press Contact: Paul Chute, CEO / Board Chairman, Regi U.S., Inc. (509) 474-1040, info@radmaxtech.com, 7520 N. Market Street, Suite 10, Spokane, WA 99217-7800

SPOKANE, Wash., Dec. 16, 2019 (GLOBE NEWSWIRE) -- REGI U.S., Inc. or RGUS (OTC:QB) The Board of Directors, Regi U.S., Inc. and its wholly owned subsidiary, RadMax Technologies, Inc. (RadMax) are pleased to confirm the Canadian Natural Gas Innovation Fund's (NGIF) decision to fund a cleantech project utilizing RadMax technology to reduce methane emissions from oil and gas wells. The project will evaluate the ability of RadMax's proprietary rotary, positive displacement Expander / Generator / Compressor (RXGC) to provide a non-greenhouse gas emitting alternative. Existing pneumatic controllers use natural gas streaming from the well to open and close valves, after which the methane gas is vented into the atmosphere. RadMax's RXGC would use the streaming NG to generate electricity or compressed air, either of which can be used to drive the valve actuator controllers. The NG that passes through the RXGC is returned to the sites NG collection system boosting production levels while eliminating methane venting into the atmosphere. The project is expected to involve several NGIF member companies and RXGC test sites.

The NGIF project and funding will be used by RadMax to accelerate the development and commercialization of the RXGC device. "The exposure to, and feedback from member companies is invaluable as we continue to fine tune the RXGC design and operational requirements," explained Paul Porter, Chief Technology Officer of RadMax Technologies.

"We are excited that our technology was selected for funding and look forward to working with NGIF and its member companies. Our ability to offer economical cleantech alternatives for powering pneumatic controllers is a significant breakthrough for governments and producers looking to reduce methane emissions from the over three million NG producing wells globally," explained Paul Chute, CEO of RadMax Technologies.

"The NGIF project will allow us to showcase the unique ability of the RXGC to capture both kinetic and pressure-volume energy from the depressurization of NG flowing from the well and convert it into electricity or compressed air. Having access to these alternative energy sources in remote locations to power equipment, eliminate greenhouse gas emissions, and increase NG production is attracting significant interest from oil and gas producers. The RXGC is efficient, compact and able to operate over wide pressure and flow ranges making it a perfect fit for this specialized application," explained Lynn Petersen, VP Business Development of RadMax.

NGIF funding for this project is subject to a negotiated contribution agreement.

RadMax plans to market the RXGC device to global markets interested in reducing methane emissions from existing and future NG wells.

ABOUT REGI U.S., INC

RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is a research and development company in the mid stages of prototype testing towards commercializing a family of unique, axial vane devices built around a patented "common rotary core". This common core can be easily configured into a broad range of innovative products that includes: gas expanders, compressors, pumps, and internal combustion engines / external combustion turbines. These devices can be utilized across numerous global markets and applications to recapture lost "Free" energy and help users improve efficiency, decrease size, weight and complexity in powering applications. In addition, they reduce their energy consumption, costs and greenhouse gas emissions (GHG's) by using less energy, more efficiently. For more information, please visit www.radmaxtech.com

ABOUT NGIF:

NGIF is an industry-led, industry-funded, granting organization created by the Canadian Gas Association that seeks to accelerate cleantech innovation in the production, transmission, distribution and end-use of natural gas. In so doing, we aim to improve the environmental and economic performance of all in the sector. Our belief is that affordable, reliable, environmentally sound natural gas is a foundational fuel for Canada's long-term well-being. www.ngif.ca

Forward Looking Statements:

Statements in this press release regarding the business of Radmax Technologies, Inc. and REGI U.S, Inc. (together the "Companies'") which are not historical facts are "forward-looking statements" that involve risks and uncertainties, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Primary Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com