Longeyes
04-26-2016, 10:25 PM
Very interesting article about Rossi and his tech
https://fcnp.com/2016/04/11/peak-oil-crisis-bizarre-twist/
The saga of cold fusion went flying off in new direction last week when a Florida law firm sent out a press release saying that: 1. Rossi’s 1-megawatt nuclear reactor test was a resounding success; and 2. that Rossi is suing its U.S. licensee, Industrial Heat down in North Carolina. The suit charges Thomas Darden, the CEO of Cherokee Investment Partners with a breach of contract for failure pay $89 million owed Rossi at the completion of the recent reactor test. It also charges that Darden attempted to misappropriate proprietary information that had been licensed to Industrial Heat and then portray the secrets of Rossi’s reactor as his own invention. Darden and his companies, of course, deny the charges and are sure he will be vindicated by the courts.
For those coming late to this story, a quick recap is in order. About ten years ago an Italian entrepreneur, Andrea Rossi, building on work done by Italian scientists, developed a way to produce commercial amounts of heat utilizing low energy nuclear reactions (LENR). Prior to Rossi, LENR had primarily been a laboratory phenomenon. Ross first announced and then publically demonstrated his technology in 2011. The announcement was generally ignored by the press as at the time as cold fusion, the original name for LENR, was believed to have been proved not to exist some 20 years before.
Following the demonstrations of the technology, Rossi was approached by Thomas Darden of Cherokee Investment Partners in North Carolina who offered to license Rossi’s technology. An agreement was signed giving Darden and its newly established subsidiary, Industrial Heat, the right to build and sell reactors based on Rossi’s technology in the US, Latin America, China, Russia, Saudi Arabia and the Emirates. In return for the license, Rossi received $1.5 million upon signing, $10 million after a verified 24-hour test, and finally $89 million after the completion of a 350-day test of the technology. This last test was completed on February 19th of this year.
We now know that a year or so ago relations between Darden and Rossi began to go sour. The reason for this falling out is in dispute. Rossi says that Darden never intended to pay him the $89 million for the license and only wanted the secrets of the technology. Rossi’s lawsuit and accompanying press release says that 350-day test of the 1 megawatt reactor produced 50 or 60 times more energy than consumed during the test – ten times more than what was needed to trigger the $89 million payment under the terms of the contract which has now been made public. The suit also charges that Darden and his company, Industrial Heat, are claiming that they co-invented the technology that Rossi has been working on for over a decade, and passed on to them as part of the licensing agreement. The suit further claims that they are attempting to patent it and share it with other firms developing LENR in which they have invested.
https://fcnp.com/2016/04/11/peak-oil-crisis-bizarre-twist/
The saga of cold fusion went flying off in new direction last week when a Florida law firm sent out a press release saying that: 1. Rossi’s 1-megawatt nuclear reactor test was a resounding success; and 2. that Rossi is suing its U.S. licensee, Industrial Heat down in North Carolina. The suit charges Thomas Darden, the CEO of Cherokee Investment Partners with a breach of contract for failure pay $89 million owed Rossi at the completion of the recent reactor test. It also charges that Darden attempted to misappropriate proprietary information that had been licensed to Industrial Heat and then portray the secrets of Rossi’s reactor as his own invention. Darden and his companies, of course, deny the charges and are sure he will be vindicated by the courts.
For those coming late to this story, a quick recap is in order. About ten years ago an Italian entrepreneur, Andrea Rossi, building on work done by Italian scientists, developed a way to produce commercial amounts of heat utilizing low energy nuclear reactions (LENR). Prior to Rossi, LENR had primarily been a laboratory phenomenon. Ross first announced and then publically demonstrated his technology in 2011. The announcement was generally ignored by the press as at the time as cold fusion, the original name for LENR, was believed to have been proved not to exist some 20 years before.
Following the demonstrations of the technology, Rossi was approached by Thomas Darden of Cherokee Investment Partners in North Carolina who offered to license Rossi’s technology. An agreement was signed giving Darden and its newly established subsidiary, Industrial Heat, the right to build and sell reactors based on Rossi’s technology in the US, Latin America, China, Russia, Saudi Arabia and the Emirates. In return for the license, Rossi received $1.5 million upon signing, $10 million after a verified 24-hour test, and finally $89 million after the completion of a 350-day test of the technology. This last test was completed on February 19th of this year.
We now know that a year or so ago relations between Darden and Rossi began to go sour. The reason for this falling out is in dispute. Rossi says that Darden never intended to pay him the $89 million for the license and only wanted the secrets of the technology. Rossi’s lawsuit and accompanying press release says that 350-day test of the 1 megawatt reactor produced 50 or 60 times more energy than consumed during the test – ten times more than what was needed to trigger the $89 million payment under the terms of the contract which has now been made public. The suit also charges that Darden and his company, Industrial Heat, are claiming that they co-invented the technology that Rossi has been working on for over a decade, and passed on to them as part of the licensing agreement. The suit further claims that they are attempting to patent it and share it with other firms developing LENR in which they have invested.