Acorn Energy Invests in US Sensor Systems’ 4D Seismic

March 2, 2010 at 11:45 am Leave a comment

Acorn Energy Inc. announced a strategic investment with an option to acquire control of US Sensor Systems Inc. (USSI), developer of a seismic monitoring system that promises to revolutionize field management of hydrocarbon reserves.

            US Sensor Systems is utilizing Acorn’s $500,000 investment to conduct field trials comparing its new fiber optic geophone technology to the current conventional geophones, which are based upon 50-year-old technology. USSI’s fiber optic geophone system is designed to provide the industry with the needed tools to make the transition from 3D seismic to 4D seismic monitoring feasible. USSI’s fiber optic geophone, which is currently in tests with several customers, is expected to provide much more detailed subsurface images of an oilfield at significantly lower cost than existing equipment.

            For its investment to date, Acorn has acquired approximately 10% of USSI, and has a series of options to acquire up to 84% of the company for an aggregate consideration of about $6,100,000 in cash and stock through May 2011.

            Headquartered in Northridge, CA, US Sensor Systems focuses primarily on designing, integrating, manufacturing, and selling fiber optic sensing systems and solutions for the energy market. USSI’s small, low-cost, reliable, fiber optic sensor systems are being designed to replace the legacy expensive, unreliable and bulky electronic sensors currently in widespread use today.        Primary markets for which USSI is currently developing products include:

  • Downhole fiber optic sensor systems for oilfield 4D reservoir monitoring;
  • Fiber optic perimeter security systems, including commercial and military; and
  • Fiber optic pipeline/coal mine monitoring systems.

USSI has three patents pending and a fourth application in process.

            Acorn CEO John Moore noted: “The use of technology such as directional drilling, flooding and fracking has been transformational for the oil and gas industry. The 50-year-old magnetic coil geophone has reached its economic limit as the industry requires increasing resolution from seismic data in order to drill more precisely. The USSI technology represents a breakthrough in both cost and image resolution, and the business and technical team are world-class and internationally recognized in the field. I am confident that this accomplished team will deliver value over time to USSI customers and Acorn shareholders.”

www.ussensorsystems.com

www.acornenergy.com

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Entry filed under: Geoscience & Exploration Solutions, Joint Venture or Merger. Tags: , , , , , .

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