Tekcapital PLC (LON:TEK) has out-licensed a portfolio of nine patents that improve the efficiency of air conditioning units by up to 25% to a Chinese firm.
Wecast Technology is paying US$100,000 upfront and a 5% royalty for the intellectual property developed by the University of Central Florida. The minimum annual royalty payment is US$100,000.
Tekcapital has also formed strategical alliance to supply additional university technologies for commercialisation to Wecast.
Under the terms of the five-year deal its new partner has agreed to acquire a minimum of ten intellectual property licences a year.
Wecast is a subsidiary of Sun Seven Stars Entertainment & Media, one of the largest private media and investment firms in the People’s Republic.
“We believe that this alliance has the potential to expand the market for university-developed IP," said Tekcapital chairman Clifford Gross.