Micromem and Castrol innoVentures sign joint development agreement

TORONTO, CANADA & NEW YORK, USA: Micromem Technologies Inc., through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), has executed a Joint Product Development Agreement with Castrol innoVentures.

Castrol innoVentures is Castrol's innovation and venturing arm. It seeks to invest in and create material businesses beyond lubricants.

The principal objective outlined in the Agreement will have the company provide Castrol with its MEMS-based sensor solution that could be deployed into operational environments to provide Castrol with real time performance data.

The intellectual property associated with the product development will be licensed exclusively to Castrol as part of a long term sales based royalty arrangement. Castrol will be responsible for sales and marketing of the new product into their existing global markets.