$VKIN Viking Closes Acquisition Re: Electric Transmission & Open Conductor Detection Technologies
https://www.accesswire.com/688677/viking-clos...chnologies
HOUSTON, TX / ACCESSWIRE / February 15, 2022 / Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking" or the "Company"
is pleased to announce it acquired on February 9, 2022 a 51% interest in two entities that own the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. The purchase price for the interests acquired by Viking is up to $21,000,000, with $5,000,000 payable in shares of Viking on closing (i.e. $250,000 in common stock and $4,750,000 in preferred stock) and the balance payable upon certain sales thresholds being achieved, as further outlined below:
The systems are designed to detect a break in a transmission line, distribution line, or coupling failure, and to immediately terminate the power to the line before it reaches the ground. The technology will dramatically increase public safety and reduce the risk of causing an incendiary event, and is designed to be integral component within a much-needed, worldwide grid hardening and stability initiative by electric utilities to improve resiliency and reliability of existing infrastructure.
James Doris, President and Chief Executive Officer of Viking, commented, "This technology is extremely important. It truly is difficult to put a monetary value on a solution that can sense a broken power line and cut the electricity flowing through the line before the wire hits the ground. Arcing and sparking energized power lines are hazardous, and difficult to detect using traditional concepts. Unfortunately, people in places like California, Western Canada, Australia and other parts of the world are fully aware of what can happen when a downed, energized power line makes contact with the ground. The damage caused by these wildfires has been catastrophic. We have already begun discussions with major utilities in California and global equipment manufacturers for deployment. Our solution can be quickly and cost-effectively deployed in high-risk areas first, then utilized more broadly by all utility companies to help reach their grid hardening goals.
This scalable advancement in grid protection technology is a simple, sustainable alternative to trenching power lines underground or an embarking on comprehensive forest management planned approach. Viking's newly acquired products offer protective solutions for two distinct utility applications: (i) Transmission Lines; and (ii) Distribution Lines.
Viking's Transmission Line solution is a software-based solution designed to be deployed within a utility's existing protection relay infrastructure, allowing the utility to protect their grid without the need for costly and time-consuming installations.
Viking's Distribution Line solution, known as "The Line Sentinel", is fully engineered and will be introduced to the market through an internationally-recognized manufacturer and distributor of protective relay systems and other products.
The technologies were developed by Robert Stuart and Ronald Smith, respected professionals with decades of experience in the power generation, transmission and distribution sector. Messrs. Stuart and Smith will be leveraging their industry relationships globally to assist Viking with integration and sales efforts.
https://www.accesswire.com/688677/viking-clos...chnologies
HOUSTON, TX / ACCESSWIRE / February 15, 2022 / Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking" or the "Company"
is pleased to announce it acquired on February 9, 2022 a 51% interest in two entities that own the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. The purchase price for the interests acquired by Viking is up to $21,000,000, with $5,000,000 payable in shares of Viking on closing (i.e. $250,000 in common stock and $4,750,000 in preferred stock) and the balance payable upon certain sales thresholds being achieved, as further outlined below: The systems are designed to detect a break in a transmission line, distribution line, or coupling failure, and to immediately terminate the power to the line before it reaches the ground. The technology will dramatically increase public safety and reduce the risk of causing an incendiary event, and is designed to be integral component within a much-needed, worldwide grid hardening and stability initiative by electric utilities to improve resiliency and reliability of existing infrastructure.
James Doris, President and Chief Executive Officer of Viking, commented, "This technology is extremely important. It truly is difficult to put a monetary value on a solution that can sense a broken power line and cut the electricity flowing through the line before the wire hits the ground. Arcing and sparking energized power lines are hazardous, and difficult to detect using traditional concepts. Unfortunately, people in places like California, Western Canada, Australia and other parts of the world are fully aware of what can happen when a downed, energized power line makes contact with the ground. The damage caused by these wildfires has been catastrophic. We have already begun discussions with major utilities in California and global equipment manufacturers for deployment. Our solution can be quickly and cost-effectively deployed in high-risk areas first, then utilized more broadly by all utility companies to help reach their grid hardening goals.
This scalable advancement in grid protection technology is a simple, sustainable alternative to trenching power lines underground or an embarking on comprehensive forest management planned approach. Viking's newly acquired products offer protective solutions for two distinct utility applications: (i) Transmission Lines; and (ii) Distribution Lines.
Viking's Transmission Line solution is a software-based solution designed to be deployed within a utility's existing protection relay infrastructure, allowing the utility to protect their grid without the need for costly and time-consuming installations.
Viking's Distribution Line solution, known as "The Line Sentinel", is fully engineered and will be introduced to the market through an internationally-recognized manufacturer and distributor of protective relay systems and other products.
The technologies were developed by Robert Stuart and Ronald Smith, respected professionals with decades of experience in the power generation, transmission and distribution sector. Messrs. Stuart and Smith will be leveraging their industry relationships globally to assist Viking with integration and sales efforts.
