Progressive Planet Solutions Inc (TSX-V:PLAN) told investors it continued to create and monetize intellectual property (IP) related to its CleanTech solutions during the fiscal third quarter that ended January 31, 2024.
The company announced that, concerning IP under development, it has received financial support of up to $42,504 from Accelerate IP, a program assisting companies in British Columbia, Yukon, the Northwest Territories and Nunavut to access professional IP services.
This award will fund up to 75% of the company’s 2024 IP costs associated with its patent application covering the process for producing its PozGlass 100G product.
"Progressive Planet has identified an initial target market consisting of more than 700 existing cement plants globally which could utilize PozGlass technology and has entered its patent application into these countries,” Progressive Planet CEO Stephen Harpur said in a statement.
“Once proven on a pilot plant scale, management expects the licensing and royalties from this technology to be a significant revenue driver for our company.”
It has applied for multiple grant applications to fund the construction of a pilot plant for PozGlass 100G on which it is waiting to hear back.
The company also highlighted that its patented Activated Barn Fresh (ABF), on which it has more than nine years left on its US patent, continues to be its top-selling product.
It noted that, as previously announced, it has implemented a series of cost controls, many of which started in the third quarter and are expected to be reflected in its quarterly financials due to be released on or before Friday, March 15, 2024.
During the quarter, the company also continued to advance the development of regenerative fertilizer and soil container products to meet the needs of Canadian Farmers.
The company’s full fiscal 3Q update can be found here.
Progressive Planet is a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia.