NAPLES, Fla.--(BUSINESS WIRE)--Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience energy saving solutions, announced today that their patented Nansulate® Translucent PT thermal insulation and asset protection coating has been chosen for an oil refinery project to provide thermal insulation and corrosion protection of an oil pipeline at Galp Energia’s Porto Refinery. The order for the project was placed last week by the coating contractor, Prozinco.
Nansulate® coatings are currently included in an additional project bid which is pending award, for fuel storage tanks at the same refinery.
“We have been in contact with Galp Energia for several months and provided them details related to the performance of our patented technology for thermal insulation and corrosion control for oil and gas tanks, pipelines and equipment,“ stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. “The insulation will be used at their Porto Refinery and will provide both thermal insulation and corrosion prevention. Nansulate® coatings are desirable in many types of environments due to their resistance to moisture absorption and ability to retain their insulating ability over time without degradation. This applications consists of 20 coats of Nansulate® Translucent PT for insulation to reduce surface temperature from 100C to approximately 30C. The overall dry film thickness of the application will be approximately 1,000 microns. Nansulate® technology was originally created specifically for these types of applications; to provide a solution to corrosion under insulation (CUI), while offering excellent weathering capabilities and performance attributes that are not typically found in other types of insulation. We look forward to more projects with Galp Energia in the future.”
Galp Energia SGPS SA, Portugal’s biggest oil company, plans to invest 5.2 billion euros ($6.5 billion) through 2013 as it develops projects including Tupi, the biggest oil discovery in the Americas in three decades. Galp plans to spend 2.2 billion euros on its refining and marketing division, mostly on conversion projects at its Sines and Porto refineries as it tries to increase diesel output and improve refining margins. Galp Energia acquires from several suppliers the crude oil that is processed in its refineries at Sines and Porto. These refineries have a total refining capacity of 310 thousand barrels of crude oil a day, or 20% of the Iberian Peninsula's refining capacity.
Nansulate® is the Company's patented product line of award winning, specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate® Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com). Blog: www.nansulate.com/nanoblog, Twitter: www.twitter.com/NanoPioneer, Search ‘Nansulate’ on Facebook.
Industrial Nanotech Inc. is a global nanoscience solutions and research leader and member of the U.S. Greenbuilding Council, the American Solar Energy Society, and an official ALLY organization with the U.S. Dept. of Energy "Save Energy Now" program. The Company develops and commercializes new and innovative applications for sustainable nanotechnology which are sold worldwide.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.