THE WOODLANDS, Texas, November 16, 2020 – Modumetal and ChampionX Corp. (“ChampionX”) (NYSE: CHX) announced today an exclusive collaboration agreement to drive production-related technology developments through the combination of Modumetal’s advanced materials and processes and ChampionX’s extensive research and development capabilities.
Initially, the agreement will focus on the introduction of Norris Rod couplings coated with Modumetal nanolaminate technology. Under the terms of the agreement, the two companies also will evaluate the technical and commercial feasibility of combining Modumetal technology with existing and new production equipment advancements—including artificial lift system components—to improve equipment reliability and lower oil and gas operators’ operating expenses.
“This agreement signals a significant step forward in commercializing our innovative class of nanolamination technology,” according to Dennis Creech, President and Chief Executive Officer of Modumetal Inc. “We’re excited to have the opportunity to partner with ChampionX to improve performance of production-related equipment. Our NanoPlex® technology has repeatedly demonstrated its ability to resist a highly corrosive oil-well environment when applied to sucker rod couplings and we look forward to the opportunity to applying our technology to other components in the near future.”
“Our customers expect continuous reliability improvements in our artificial lift systems and material science is a key component to driving better equipment performance,” said Paul Mahoney, President, Production & Automation Technologies with ChampionX. “We’re excited about the step change in run life we can achieve by applying the nanolaminating process to critical system components. Rod couplings are just the beginning—we see tremendous potential for this technology across our production portfolio. We look forward to working with Modumetal’s team to drive even greater material science advancements.”
About Modumetal
Modumetal is a nanotechnology company based in Seattle, WA USA. Our technology forms layers of metallic alloys on metal substrates at a nanometer scale of thickness. By modulating electrical current with a proprietary chemistry to form an alloy structure, Modumetal can deliver unique and disruptive performance (10X) in corrosion protection, wear resistance, and durability in an environmentally friendly and sustainable process relative to conventional methods. Modumetal’s nanolayered alloys are affording an entirely new way of applying materials that will fundamentally change the performance of metals in the future.
About ChampionX
ChampionX (formerly known as Apergy Corporation) is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells.
To learn more about ChampionX, visit www.championX.com
For Modumetal inquiries
Ron Helmbeck
346-388-4399
For ChampionX inquiries
Investor Contact: Byron Pope
281-602-0094
Media Contact: John Breed
281-403-5751
