Micromem Technologies Inc., through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), has signed a product supply agreement with Repsol S.A., an integrated global energy company based in Madrid, Spain, Repsol is a vertically integrated company and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution, marketing, petrochemicals, power generation and trading.
Repsol’s business strategy now includes selling more of their products by offering their clients real time condition monitoring of their vehicle’s lubricants. Micromem and Repsol have agreed to develop new innovative technology that will be of service to their clients.
Repsol has become one of the early adopter partners acquiring MAST’s RT-Lube analyzer fieldable units, which was announced on June 26, 2017, to be installed and evaluated on a large stationary compressor, a significant global market for this MAST product. Repsol will now have a priority position in the first manufacturing lot of MAST’s real time condition monitoring platform.
The agreement allows for expansion of Micromem’s relationship from the current 500 buses to a target Repsol market of more than 30,000 buses spread over several countries. Repsol, once meeting certain targets, may acquire rights to several countries.
The financial terms of the agreement were not released at this time.