May 24 was a momentous day for NXT Energy Solutions Inc (OTCMKTS:NSFDF) as the company announced that it had gone into a ten year strategic alliance and related financing deal with the company Synergy E&P Technologies Limited.
On Wednesday, NSFDF stock ended flat at $0.1405 with more than 1.08K shares, compared to its average volume of 4.39K shares. The stock moved within a range of $0.1405 – 0.1405 after opening trading at $0.1405.
NXT Announces Strategic Alliance With Synergy E&P Technologies Limited and a US$2.3 Million Convertible Debenture Financing by a Synergy Affiliate
This particular deal would also provide Synergy with the exclusive license to use, sub-license, market and distribute the company’s SFD solutions in the African market. In this regard it should be noted that an affiliate of Synergy, PE Energy Limited had participated in a number of commercial projects in collaboration with NXT Energy in Africa in the recent past.
Now with this new agreement in place for a ten year period, Synergy would be involved in the advancement of the SFD technology for the purpose of taking care of issues energy security. Additionally, it would also address the transitioning of oil and gas and geothermal sources of energy in the African continent.
The two companies would also work together closely for providing training to local technical teams and the regulatory bodies on the SFD technology, which is patented. Related knowledge transfer about the technology would also be done. It may be a good time to keep an eye on the NXT Energy stock.