Viking Energy Secures Exclusive IP License for Patented Carbon-Capture System

Rhea-AI Summary

Viking Energy Group (OTCQB: VKIN) announced an Exclusive Intellectual Property License Agreement with ESG Clean Energy, enabling Viking to use the ESG Clean Energy System in Canada and select locations in the U.S. This system captures ~100% of CO2 from internal combustion engines while generating clean electricity. The agreement positions Viking as a leader in clean energy, assisting organizations in reducing their carbon footprint.

CEO James Doris underlined the system's applications in various sectors, including data centers and crypto mining.

Positive

• Exclusive licensing agreement for the ESG Clean Energy System expands Viking's market presence.
• System captures ~100% of CO2, promoting environmental sustainability.
• Potential revenue generation from saleable commodities produced through the system.

Negative

• None.

System Designed to Capture ~ 100% of CO2 & Produce Saleable Commodities

HOUSTON, TX, Aug. 24, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”) is pleased to announce it entered into an Exclusive Intellectual Property License Agreement with ESG Clean Energy, LLC (“ESG”) regarding ESG’s patent rights and know-how related to stationary electric power generation, including methods to utilize heat and capture carbon dioxide (the “ESG Clean Energy System”).  The license is exclusive for all of Canada (unlimited number of systems), and non-exclusive for up to twenty-five locations in the United States.

The ESG Clean Energy System is designed to generate clean electricity from internal combustion engines and utilize waste heat to capture ~ 100% of the carbon dioxide (CO2) emitted from the engine without loss of efficiency, and in a manner to facilitate the production of precious commodities (e.g. distilled/ de-ionized water; UREA (NH4); ammonia (NH3); ethanol; and methanol) for sale.    

James Doris, President and Chief Executive Officer of Viking, commented, “In my view this transaction positions us as an industry leader in terms of being able to assist with the power generation needs of commercial and industrial organizations while at the same time helping them reduce their carbon footprint to satisfy regulatory requirements or to simply follow best ESG-practices.  We are excited to be able to use the platform of Simson-Maxwell Ltd., our recently acquired majority-owned subsidiary, to promote the ESG Clean Energy System.”

In addition to electrical power generation, the ESG Clean Energy System is designed to be utilized within a number of different environments, including:

• Plastics Recycling Operations
• Nitrogen Removal 
• Microgrids 
• Data Centers
• Crypto Mining Operations

Additional details regarding the transaction were included in Viking’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on August 23, 2021, and is available under “investors” – “SEC filings” at www.vikingenergygroup.com.   

About Viking:

Based in Houston, Texas, Viking Energy Group, Inc. is a growth-oriented energy company.   Viking owns interests in oil and natural gas assets in United States, and provides, through a majority-owned subsidiary, custom energy solutions to commercial and industrial clients in North America.  For more information, please visit the company's website at www.vikingenergygroup.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements", which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in  Viking’s filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions.

Contact Information
Investors and Media:
Tel. 281.404.4387 (ext.3)

FAQ

What is the recent IP agreement Viking Energy Group entered?

Viking Energy Group entered an Exclusive Intellectual Property License Agreement with ESG Clean Energy for the ESG Clean Energy System.

What does the ESG Clean Energy System do?

The ESG Clean Energy System generates clean electricity and captures ~100% of CO2 emitted from combustion engines.

In which countries can Viking Energy utilize the ESG Clean Energy System?

Viking can use the ESG Clean Energy System exclusively in Canada and non-exclusively in up to 25 locations in the United States.

What are the applications of the ESG Clean Energy System?

The system can be used in various settings, including plastics recycling, nitrogen removal, microgrids, data centers, and crypto mining operations.

When did Viking Energy announce the licensing agreement?

Viking Energy announced the licensing agreement on August 24, 2021.