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Posted: November 8, 2007
ItN Nanovation Signs Cooperation Agreement with BASF AG
(Nanowerk News) ItN Nanovation AG (ISIN DE000A0JL461) and BASF AG have signed a cooperation agreement according to which BASF plans to employ ItN Nanovation’s anti-fouling product Nanocomp AF. BASF will use this high-performance coating based on nanotechnology in their facilities’ cooling circuit systems to prevent “crystallization fouling” caused by the formation of deposits on pipe surfaces. The cooperation agreement, which was preceded by a roughly two-year testing period at BASF, was set for a duration of five years. It provides that ItN produce Nanocomp AF and supply it to BASF. The first turnover from this agreement is possible in 2008.
Furthermore, the agreement provides that BASF and ItN jointly continue developing the Nanocomp product line to adapt it for an additional industry sector. If this product adaptation proves to be successful, BASF may take over worldwide distribution of the adapted product.
Dr. Tillmann Lauk, CEO, ItN Nanovation AG: “This agreement with BASF is an important milestone for our company – not only economically, but also because the fact that such a renowned international player in the chemical industry accepts our product is a sound proof of confidence for our product range. Nanocomp AF (which we developed under the working title Nanocomp AQ) has thus demonstrated its market potential immediately after it was introduced. This success also confirms our strategy of consistently developing new product lines based on our nanotech platform technology.”