US-based GDT Tek, focused on renewable and sustainable energy technologies, has signed an exclusive licensing agreement with a British company Steriwave Hungary.

As per the licensing agreement, GDT Tek granted exclusive rights to market, distribute, and deploy its renewable and sustainable energy technology that converts heat and/or waste heat into electricity in certain European countries including Italy, Spain, Romania, Slovakia and the UK.

The initial term of the deal is for 18 months, and will be renewable for an additional 15 years upon funding of the first European electricity generating project obtained by Steriwave utilizing GDT Tek’s renewable and sustainable energy technology.

Steriwave said it will provide funding for the waste heat to electricity projects.

The companies said they will split the gross profit from projects covered by the agreement 70% to Steriwave and 30% to GDT Tek until the principle investment of Steriwave is paid back, and thereafter, the parties shall split gross profits 50% each.