Global Energy Ventures Limited (ASX: GEV), the leading developer of global integrated compressed natural gas (CNG) projects, updates that a new patent application has been filed.
The patent application has been made to protect two ideas that arose during the design work undertaken in support of the American Bureau of Shipping (ABS) full design approval process. The inventor is GEV Canada’s Chief Technical Officer, John Fitzpatrick.
The Additional Patent Application includes two main ideas, and the first one is to avoid overstressing of the ship’s side structure, small spaces need to be given between the pipes. When the pipes are given any kind of pressure, they will try and enlarge radially, but since they are constrained vertically by the forcing beam, they will tend to oval horizontally. If there were no spaces, these horizontal expansions would accumulate and press against the side shell of the ship and cause deformation. In the patent application, GEV is laying claims to the idea of separating the pipes with a small space (methodology) and a mechanism for easily accommodating these spaces during construction (apparatus).
The second idea that shims could be used to take up any gaps that exist between the forcing beam and the pipe and for that an original Basic Optimum Patent application is filed. Two improved ways of filling these gaps were developed, and GEV has captured these ideas within the patent application.
The Basic Optimum Patent Application was filed in August 2016 and following the completion of the Provisional Patent Application process, GEV will have lodged formal Patent Applications in 37 countries by 12 February 2019.
The Basic Optimum Patent application protects the concept of forcing long straight pipes, in the hold of a ship or on the deck of a barge, together so forcefully that the friction developed between the pipes prevents relative movement between the pipes themselves and between the pipes and the ship or barge. This is the key Intellectual Property (IP) owned by GEV that allows bundles of long-straight pipe to be used as CNG pressure vessels in a ship or on a barge.
Chairman & CEO of GEV, Maurice Brand said that the Patent process protects GEV’s IP following the approval by ABS for the CNG 200 Optimum ship. It is material for GEV as full technical information is made available to shipyards, financiers, regulators, and potential GEV customers. GEV’s CNG 200 Optimum ship received full American Bureau of Shipping (ABS) design approval in January 2019.
GEV is focussed on creating shareholder value by maintaining global leadership in marine CNG shipping and by pursuing multiple CNG projects to improve the probability of success. It will further create shareholder value via securing access to strategic gas resources that provides for an integrated CNG gas supply solution and through offering CNG project stakeholders flexible commercial arrangements.
The shares of GEV are trading flat today at A$0.175 ( as at 3:00 PM, 25 January 2019) with a market capitalization of A$57.12 million.
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