Wellington Drive signs US licensing agreement worth up to US$400kyear

Tue, 25 Sep 2012

Sept. 26 (BusinessDesk) - Wellington Drive Technologies, which makes energy-efficient motors, said it has signed a licensing agreement with a US company worth US$100,000 to US$400,000 a year. The Auckland-based company declined to identify the US firm, saying it was confidential, though in a media release it was described as a Fortune 500 company. Under the 10-year agreement Wellington Drive will license an application specific motor controller and provide future fee-based support services, it said. The deal allows for renewal rights after 1...

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