ClearSign Combustion Corp. has launched ClearSign Asia Ltd, Hong Kong and has announced receipt of a letter of intent (LOI) from TG CITIC Environment Investment Group (TG CITIC).
The LOI from TG CITIC indicates the company’s interest and intent to invest in ClearSign Asia, Ltd, as well as assisting in accelerating the marketing and promotion of ClearSign products for the Chinese market. The parties expect to reach a definitive agreement in 2018.
ClearSign Asia Ltd will have exclusive rights in greater China and key markets in the Asia Pacific region to certain ClearSign Combustion Corp. (USA) intellectual property. ClearSign expects that ClearSign Asia, Ltd will own and develop one or more wholly owned foreign entities (WOFEs) within China. The WOFEs are expected to develop the Chinese market for ClearSign solutions and products through joint ventures (JV) with partners in specific market segments. ClearSign expects TG CITIC to be a financial partner in the WOFE(s) and bring their considerable expertise and understanding of the market to bear on ClearSign's commercial activities in China.
"It has always been our intention to form a strategic partnership with a world class company that recognizes the benefits of our revolutionary technologies and products," said ClearSign Chairman and CEO Steve Pirnat. “The fact that a division of the CITIC Group, one of the largest, most innovative companies in the world, has expressed their desire to partner and invest in ClearSign is a major milestone for our company.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/22112017/clearsign-asia-launched/