Novas Sk signs major deal with Georesonance and China's Fortuna Technology Co.
Signed during the Open Innovations Forum in Moscow on Tuesday, the agreement calls for the three companies to establish a joint venture in China to develop technologies capable of degassing coal layers and extracting methane. Such procedures will be used to comply with a Chinese government program to ensure safe working conditions for miners.
Novas designs products aimed at optimizing oil and gas recovery as well as horizontal oil and gas wells through the use of plasma-pulse technology. Considered clean, safe and harmless to industrial equipment, plasma-pulse technology leverages naturally-occurring plasma energy for the purposes of reservoir stimulation.
Skolkovo chairman Andrey Burenin oversaw the signing ceremony on Tuesday and said that the joint venture is a significant moment for Skolkovo in its mission to improve economies throughout Russia and the world through technological innovation.
The project is expected to generate at at least $300 million in revenue over the next five years.
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