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Skolkovo resident Novas Sk and fellow Russian company Georesonance signed a major three-way deal with China’s Fortuna Technology Co. at the Open Innovations Forum in Moscow on Tuesday to improve safety conditions in Chinese mines.
The companies are to set up a joint venture based in China to introduce technology that degasses coal layers and extracts methane as part of a Chinese government program to ensure safe mining environments.
Novas creates environmentally friendly technologies to optimize oil and gas recovery and horizontal oil and gas (shale) wells by plasma-pulse action.
Plasma-pulse technology is considered and clean and safe, and does not harm the cement column and underground equipment in wells and mines. The essence of the technology lies in the use of plasma energy for reservoir stimulation.
The signing ceremony at the Technopolis in Moscow was overseen by Skolkovo chairman Andrey Burenin and represents a significant moment in the Skolkovo project, which is designed to improve economies through innovation in Russia and the wider world.
The project is expected to generate revenue of at least $300 million over a five-year period.
Georesonance is seeking Skolkovo resident status, which grants tax breaks and admin support to high-tech startups.