Junior oil and gas producer K2 Energy Ltd
(ASX:KTE) has announced a move into the renewables market, securing exclusive global rights to a US company’s solar energy applications.
K2 has teamed up with Mears Silicon Technology, developed by private US firm Mears Technologies, to fund further research and development to commercialise solar cells to large scale solar panel manufacturers.
Mears Technologies would be entitled to half the earnings from the venture.
K2 has told AAP it has made a $US1 million investment in Mears Technologies by way of a convertible note.
Meanwhile, K2 has instructed the newly appointed operator of its Bad Creek oil and gas project in Oklahoma in the US to review its wells with a view to restoring production.
Operations were suspended pending the outcome of a legal dispute with the previous operator, Metro Energy Group.
Of the 31 wells at the project, 10 are wholly owned by K2.
In the 12 months to June 30, 2009, K2 Energy booked a loss of $1.98 million.
