US Seismic Systems and NGC Announce Fiber-Optic Technology Licensing Agreement

US Seismic Systems, Inc. (USSI), a subsidiary of Acorn Energy, Inc. (Nasdaq:ACFN), and Northrop Grumman Corporation (NYSE:NOC) have signed a licensing agreement involving several of Northrop Grumman's fiber-optic technology patents.

Terms of the agreement are confidential.

Northrop Grumman has an extensive portfolio of fiber-optic patents resulting from pioneering research in fiber optics spanning three decades. Northrop Grumman's licensed patents will be used by USSI in an enhanced product to refine the next generation of high sensitivity oilfield fiber-optic geophones.

"USSI's new all-optical geophone is designed to replace less capable legacy magnet and coil geophone sensors currently used for oilfield exploration and production," said Jim Andersen, CEO of USSI. "The USSI fiber-optic geophone provides superior performance in every key category, including sensitivity, noise floor, distortion, bandwidth and dynamic range—and all at a substantially lower cost."

"Combined with our existing best-in-class oilfield fiber-optic sensor technology, these patents will help solidify our position as a technology leader. This collaborative partnership will leverage our core strengths to bring cutting-edge technologies to the energy market," Andersen added.

"These patents represent extensive investment in research and development that spans more than a decade," said Liz Iversen, sector vice president and general manager of Northrop Grumman's Navigation Systems Division. "We look forward to a long-term and mutually beneficial relationship."

Source: Northrop Grumman Corporation (NYSE:NOC)
Date: May 7, 2012