San Francisco, California -- A Fortune 500 company is partnering Hybrid Coating Technologies Inc to modify and commercialise products based on its non-isocyanate polyurethane platform technology, the firm said.
In the deal, the partner secures worldwide exclusive rights of the modified product for commercialisation within its industry, although is subject to agreed-upon mandatory minimum order quantities.
The partner - a household name according to Hybrid Coating Technologies - will co-own any new patents based on the technology, the press release added.
Hybrid Coating Technologies president and ceo Joseph Kristul said: "This agreement demonstrates the commercial value of Hybrid's technology as perceived by the major companies that sell polyurethane based products."
The press release said estimates provided by the new partner suggested revenues to Hybrid from the sale of this product would reach $20m (EUR18.4m) a year.
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