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Posted: October 22, 2007
NanoDynamics Exploring Oil And Gas
(Nanowerk News) NanoDynamics Inc. said Monday it has formed a joint venture with Shell Technology Ventures Fund 1 B.V. of the Netherlands.
Together the companies will explore the development of new materials and products to improve exploration and production efforts in international oil and gas industry.
The joint venture, known as Epik Energy Solutions LLC, will capitalize on NanoDynamics' capabilities in nanomaterial synthesis and product engineering in applications ranging from solar energy conversion, energy storage, lightweight wear-resistant materials and water purification to enhanced down-hole and construction materials and taggants.
In a prepared release, NanoDynamics' CEO Keith Blakely said the effort will leverage the technology, materials and process capabilities of NanoDynamics, with the guidance and industry knowledge of Shell Technology Ventures Fund 1 B.V. to address ongoing challenges in the global oil and gas industry.
"This joint initiative will target the application of nanomaterials and nano-enabled products to improve a broad range of exploration and production issues," he said. "With the rapidly increasing demand for energy across the globe, it is all the more important to examine ways of improving fuel extraction and processing methods through advanced materials and technologies."
Based in Buffalo, NanoDynamics develops and markets a variety of products, including advanced materials, fuel cells and nanotech golf balls.
Shell Technology Ventures is managed by Kenda Capital B.V., an investment fund focused on accelerating the development and deployment of new technologies across the energy sector, including the oil and gas sector and renewable energy and by-product recycling technologies.