Jul 25, 2012. /Lesprom Network/. Accsys Technologies has signed a comprehensive heads of terms with INEOS Industries, part of the INEOS global chemical group, concerning the formation of a 50:50 joint venture (JV) to exploit the intellectual property surrounding Accsys’ proprietary acetylation technology relating to Tricoya® wood elements, as the company said in the press release received by Lesprom Network. Paul Clegg, Accsys’ CEO, commented: “The heads of terms are an important step forward for the Company and represent a major commitment by INEOS to the development and licensing of Tricoya® wood elements technology. Through the JV INEOS will add significant resources, licensing and product development expertise and global reach to our efforts to drive the penetration by Tricoya® of the worldwide panel products market estimated to be worth more than EUR 60 billion annually.” INEOS is one of the world’s leading manufacturers of chemicals, and is a global leader in the field of technology development and licensing, having sold technology in more than 50 countries. Its global presence and expertise in development, commercialisation, licensing and technology transfer will play a key role in attracting new licensees and in opening up new and previously untapped markets for Tricoya®”. Under the terms agreed, which are not legally binding, Accsys will grant the JV an exclusive global license to exploit Accsys’ proprietary acetylation technology for the production of Tricoya® wood elements for use within MDF, particle board and wood plastic composites. Accoya® wood production and licensing and all other acetylation technology shall continue to be exploited by Accsys outside of the scope of the JV. All future licensing agreements for Tricoya® wood elements will be entered into by the new JV. Revenue generated by the new JV is to be split to reflect the relative interests of the two parties taking into account the value that each brings to the venture, including the significant IP value contributed by Accsys. Precise details remain confidential at this time. Once full agreements have been completed, INEOS will make a significant investment in the JV over the initial three years, and will in addition subscribe for new equity in Accsys. This equity will be used by Accsys to fund its share of the JV costs in the initial years. The heads of terms further provide INEOS with scope to increase their equity position in Accsys through the exercise of warrants. Accsys Technologies PLC is an environmental science and technology company whose primary focus is on the production of Accoya® wood and technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in Windsor, United Kingdom, and an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc). All group subsidiaries are ultimately 100% owned by Accsys and trade as Accsys Technologies.