Hicor Technologies has been granted a far-reaching patent covering its novel method of wet gas compression, strengthening its already broad patent portfolio. The future of compression needs in the oil and gas industry will be dominated by liquids rich applications, and securing exclusivity in many of these environments substantially enhances the value to the Company’s shareholders.
Hicor is pleased and honored to have carved out such a large portion of the compressor technology landscape. We’re convinced that wet gas compression is the future of the industry, and this patent creates a significant barrier to competitors entering the space. – Jeremy Pitts, CTO, Hicor
Hicor Technologies, Inc. (Hicor), a compression technology company developing products for the oil and gas industry, announced today that the United States Patent and Trademark Office has issued US Patent No. 9,856,878, broadly covering a method and apparatus used in multiphase compression.
This latest patent gives Hicor broad protection over operating a compressor in wet gas applications, where liquids are present in the gas stream. According to Jeremy Pitts, Hicor’s Chief Technology Officer, “Hicor is pleased and honored to have carved out such a large portion of the compressor technology landscape. We’re convinced that wet gas compression is the future of the industry, and this patent creates a significant barrier to competitors entering the space.”
Hicor’s compelling value proposition has been validated by dozens of customers. That value is driven by capabilities unique to Hicor—high compression ratios and the ability to handle liquids without separation. With this innovation, oilfield customers are able to dramatically reduce capital spending and save on operating expense, while simultaneously enhancing hydrocarbon production as compared to traditional methods of production. Producers are able to save millions of dollars per installation in studies completed with customers.
This latest grant adds to a collection of existing patents to give Hicor an extremely strong patent portfolio. In total, the company has 4 patents issued in the US and 7 globally, with many more pending. Another patent Hicor views as foundational was issued in early 2016, which relates to high compression ratios. Similarly broad as the wet gas compression award, that patent gave Hicor broad protection over high compression ratio technologies. When combining its strong patent portfolio with carefully curated trade secrets, Hicor has created significant barriers for competitors to develop competing technologies.
“Hicor has introduced the first breakthrough technology to the oil and gas compression industry in over 50 years,” said William Sayre, CEO of Hicor. “Because we fundamentally think about compression differently than the industry has traditionally, we have been able to identify large opportunities to secure Hicor exclusivity to operate in wet gas and high ratio applications via our intellectual property strategy. We are very excited about the value we have created through our IP portfolio and the resulting strong market position that secures us.”
Hicor is currently undergoing commercial demonstration projects with select customers and is actively seeking additional interested parties to partner for further deployment.
Hicor’s mission is to bring customer and shareholder value through leadership in new compression technology development and deployment, utilizing its patented high efficiency, high compression ratio, wet gas compression technology. At Hicor, we are passionate about solving long-standing problems in the oil and gas industry, which compels us to deploy new gas compression technologies. Our break-through innovation enables wet gas compression while also decreasing the cost and energy required to compress and produce natural gas.
Hicor was founded out of MIT in 2010 and operates a world-class research and development facility in Houston, Texas. It is well funded by its principal equity investor, EV Private Equity, as well as Statoil and multiple other producers. For more information, visit http://www.hicor.com.