Corac Group plc (AIM:CRA) – yet another study but when will revenue arrive from all this IP?
The highly rated (at least in terms of valuation!) technology-led engineering group announced yesterday that its subsidiary Corac Energy Technologies Ltd (CET) has concluded a new agreement with a global oil and gas major to conduct a funded design study.
The study will focus on the use of CET’s compact compressor technology on an offshore gas production platform and is the first project undertaken for this new client. It’s clearly encouraging but yet another study, even funded, remains some way from true commercialisation of IP. The project sounds quite complex building upon CET’s existing compressor and power electronics technologies to define a system that meets the specific challenges of offshore platforms, which include weight, size and power availability, and, access for maintenance on unmanned platforms. The announcement goes on to state that the project will define a suitable compressor arrangement…