Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Wellington Drive signs licensing deal of up to US$400k/year

Wellington Drive signs US licensing agreement worth up to US$400k/year

Sept. 26 (BusinessDesk) - Wellington Drive Technologies, which makes energy-efficient motors, said it has signed a licensing agreement with a US company worth US$100,000 to US$400,000 a year.

The Auckland-based company declined to identify the US firm, saying it was confidential, though in a media release it was described as a Fortune 500 company.

Under the 10-year agreement Wellington Drive will license an application specific motor controller and provide future fee-based support services, it said. The deal allows for renewal rights after 10 years.

First fees are expected in 2013 and the value will be tied to sales volume, it said.

Wellington Drive said its medium-term strategy is to focus on its commercial refrigeration business though the agreement announced today “represents a successful effort to monetise non-refrigeration electronics technology and was a key initiative in our 2012 turnaround plan.”

Last month the company narrowed its first-half loss while saying that achieving a profit in 2013, its first since listing in 2001, would be “challenging” given the weak outlook for Europe.

The shares last traded at 14 cents.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




REINZ May Data: House Price Rises Continue; Auckland Hits New Record Median Price Again

Median prices for residential property across New Zealand increased by 32.3% from $620,000 in May 2020 to $820,000 in May 2021, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand... More>>

Energy Resources Aotearoa: Doubling Of Coal Use Shows Need For Local Natural Gas

New figures showing a near doubling of coal-fired electricity generation highlight New Zealand’s energy shortage and the need for natural gas as a lower carbon alternative, according to Energy Resources Aotearoa... More>>


E Tu: ‘Sense Of Mourning’ As Norske Skog Mill Set To Close

Workers at Norske Skog’s Tasman Mill now know they’ll be losing their jobs in little over a month’s time.
On Wednesday afternoon, workers were told the mill will be stopping production from the end of June... More>>



Auction: 1.4 Million In Rare Vintage Watches, Gems, Jewels & Diamonds Go Under The Hammer At Webb’s

An auction event showcasing over 1.4 Million dollars in rare jewels, gems, diamonds and vintage watches is due to take place this Sunday by Auckland based auction house Webb’s... More>>

Catalist: NZ’s New SME Stock Exchange, Gets Licence To Go Public

New Zealand has a new stock exchange – designed specifically for small and medium-sized businesses (SMEs) to raise up to $20 million a year from the public.
Called Catalist, the exchange has already been successfully working the private investment sector.... More>>

E-Commerce: Over 40% Of Those Engaged In The Bitcoin Community Are Millennials

Bitcoin has emerged to be a popular topic among millennials with digital currency increasingly being viewed as a potential source of creating wealth through investments. The interest in bitcoin by millennials signals the role this age group plays in the possible realization of the digital currency’s mass adoption... More>>