By PBN Staff
PROVIDENCE – Eco-sustainability company HDS International Corp. has entered into an agreement with Hillwinds Energy Development Corp. to expand its licensed territory, among other things, the company announced Monday.
HDS, which focuses on renewable energy, agricultural sciences, waste management and eco-sustainability, managed the deal through its wholly-owned Canadian subsidiary HDS Energy & Ecosystems NB Ltd.
Under the terms of the deal, HDSI has expanded its exclusive technology license to cover the entirety of New Brunswick, Canada. This increases the area of HDSI-covered territory by a factor of more than 500, according to a release.
All previous license agreements between HDSI and Hillwinds have been terminated in favor of the new agreement.
“Today’s announcement significantly expands HDS’ developing opportunity set associated with carbon capture and re-utilization bioenergy,” said an HDS release. “The Province of New Brunswick encompasses the City of Saint John, site of HDS’ previously announced anaerobic digester project feasibility study, with this agreement helping formally define and strategically position the company at the heart of a thriving industrial hub and innovation center with attractive policies and communities.”
The financial terms of the deal were deemed “immaterial,” according to a release, since there were no cash or securities paid or owed by HDSI to Hillwinds.
According to the release, HDSI believes that “the net impact of today’s transaction is exceptionally favorable and in the best interest of all shareholders.”