Micromem Applied Sensor Technologies Executes Supplemental Agreement with Northeast Utilities

Micromem Technologies Inc. through its wholly owned subsidiary, Micromem Applied Sensor Technologies Inc., announces that MAST and Northeast Utilities have executed a supplemental agreement that furthers the transformer sensor project described in an agreement announced December 11th, 2013.

Under the terms of the agreement both NU and MAST will continue to collaborate to develop technologies that will improve utility transformer equipment functionality and longevity through the use of sensor technology. In addition, the agreement acknowledges that Stage Gate Two of the Proof of Concept has been successfully completed. Both companies are now proceeding to prototype development, field-testing and system optimization.

NU is committed to deploying transformer sensor technologies when routine manufacturing begins. NU has been providing valuable insight as to how to effectively and safely integrate the MAST sensor technology into transformers and pursuant to the agreement, invest an additional $200,000 with MAST for prototype development.

"At Northeast Utilities, we are always looking for ways to improve the performance of our electric system and ultimately, to reduce the frequency and duration of customer outages," said Camilo Serna, Vice President of Strategic Planning & Policy at Northeast Utilities. "We are very pleased with the team's progress on developing this new technology, which would allow us to monitor and maintain our transformer equipment more effectively."

Steven Van Fleet, President of MAST stated, "I am particularly proud of our collective engineering teams. We committed to delivering a witnessed demonstration of this game changing technology and we met that goal. There is no better reward in this type of collaboration than being able to deliver what you committed to."

Joseph Fuda, President of Micromem Technologies stated, "Working with Northeast Utilities on this project and bringing it to this point is a moment of major pride for Micromem and all the people working here. This will change the way an industry monitors its infrastructure and services their customers. We are looking forward to the deployment of sensor technologies and other opportunities with Northeast Utilities."

Source: http://www.micromeminc.com/

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