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QS Energy (QSEP) Signs LOI with Strategic Partner VIPS Petroleum to Deploy AOT
TOMBALL, TX / ACCESSWIRE / June 12, 2024 / QS Energy, Inc. (the "Company" or "QS Energy") (OTCQB:QSEP), a leading developer of advanced energy efficiency technologies, is pleased to announce the signing of a Letter of Intent (LOI) with VIPS Petroleum as of Tuesday, June 11th. This strategic partnership aims to facilitate the deployment of QS Energy's Applied Oil Technology (AOT) device to enhance the operational efficiency of VIPS Petroleum's customers.
QS Energy and VIPS Petroleum have agreed to collaborate on deploying the AOT device to one or more of VIPS Petroleum's esteemed clients, marking a significant step forward in improving the efficiency and sustainability of oil transportation. The agreement outlines a comprehensive timeline, starting with the signing of a Memorandum of Understanding (MOU) and a collaboration agreement in June 2024. The deployment will commence with a customer contract expected to be finalized in July/August 2024, followed by the actual deployment of the AOT device between September and the end of the year. VIPS Petroleum will receive compensation in the form of ownership and commission, as detailed in the forthcoming MOU and definitive agreement.
The onboarding process for the customer includes an initial 30-day consideration period to ensure the AOT device meets set performance goals. The device must achieve predefined operational goals to proceed. Upon successful demonstration, customers can select the most suitable AOT purchase plan. Full-scale deployment will follow the successful completion of this evaluation period and goal achievement.
"We are thrilled to announce this strategic partnership with VIPS Petroleum," said Cecil Bond Kyte, CEO of QS Energy. "This collaboration is a testament to the effectiveness of our AOT technology and its potential to revolutionize the energy industry. We are confident that this partnership will not only enhance the operational efficiency of VIPS Petroleum's customers but also significantly boost QS Energy's market position and investor confidence."
John McLeod, Jr., CEO of VIPS Petroleum, echoed this enthusiasm, stating, "We are excited to bring the AOT device to our clients. The potential improvements in efficiency and reductions in operational costs align perfectly with our commitment to providing innovative and sustainable solutions to the petroleum industry. It's impressive to see how effectively the company is utilizing its resources to achieve these advancements."