MITU Resources Inc. announced that it has entered into an Exclusive License and Distribution Agreement with HeadWind Technologies Ltd. to acquire various rights related to “WindShark,” a novel self-starting vertical axis wind turbine.
WindShark has three curved helical blades that capture airflow from any wind direction. The WindShark’s innovative design was inspired by sacred geometry and the operational dynamics of a shark’s gills, which addresses several limiting factors related to wind turbines: that large wind turbines are costly and expensive to maintain, and that existing micro-scale wind turbine technologies don’t produce power at wind speeds below 7 mph, and don’t hit peak power until over 30 mph.
The high efficiency of the complex and scalable WindShark turbine blade shape achieves start up at wind speeds below 2 mph and reaches peak efficiencies between 6 to 10 mph. The WindShark is also relatively quiet and spins at a slower rate which is safer for birds and bats. Due to its ability to harvest energy from lower speed winds, the wind-tunnel tested WindShark could deploy economically as much as three times more than that of conventional small wind turbines.
Pursuant to the terms of the February 7, 2018, License Agreement, MTUU acquired the rights to further develop, commercialize, market and distribute certain proprietary inventions and know-how related to WindShark. The rights acquired give the Company world-wide exclusivity (excluding Canada) to distribute the WindShark.
In exchange for these rights, MTUU and HeadWind have agreed to a licensee fee of $400,000, paid to HeadWind in three tranches over 45 days from closing, and a continuing royalty equal to three percent (3%) of gross sales. Following the acquisition, the Company anticipates filing a request with FINRA to facilitate a corporate name change to “WindShark Energy Inc.” to better reflect the new business of the Company.
“With a compact design factor that harnesses the operational dynamics of a shark’s gills to create reliable and safe power, WindShark could be ideal for numerous untapped applications, particularly in projects with lower peak energy consumption and in areas with low wind speeds that have not previously been ideal for wind and wind power generation,” said Simeon Leonardo Reyes Francisco, CEO of MITU Resources.
In preparation for commercial launch, late-stage WindShark prototypes have been 3-D printed and rotomolded, with injection molding being considered for future large-scale production.
“One of the most exciting opportunities for applying WindShark’s technology is in California’s emerging regulated cannabis market place where indoor growers must comply with environmental laws regarding renewable energy sources,” he added. “WindShark can help to achieve this and dramatically lower the cost of running a greenhouse or indoor grow facility. We believe there is huge potential to deploy the WindShark throughout California and other states where cannabis has become legal, offering substantial savings to the grower.”
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