Australian National University and University of New South Wales joint venture Lithicon AS sells for A$76m.
Lithicon AS, an Australia-based company developing imaging technology for oil and gas exploration, has been sold for A$76m ($68m) to US-based instruments manufacturer FEI Company.
The sale has generated significant returns for Lithicon’s parent universities, the Australian National University (ANU) and the University of New South Wales (UNSW), which stand to receive A$11m and A$4m, respectively. In the case of ANU, the institution has made a five-fold increase on its original investments in Lithicon. ANU will also continue to receive royalties from FEI as part of a licensing agreement.
Lithicon, which was founded as Digitalcore in 2009, provides high-resolution 3D imaging for use in oil and gas exploration which can provide companies with the information necessary to make informed decisions on the best methods to extract fossil fuels. The company also has a base in Norway to service the oil industry there.
Victor Pantano, general manager at Lithicon, said: “The Lithicon story is one of taking world-class research from two of Australia’s best universities and turning it into a growing business. In the process we have created a whole new industry segment based on high-value, intensive, knowledge-based services. It’s exactly the sort of thing we should be doing in Australia and we need more of it”.
