Bids Due December 1, 2022; Auction to be Held December 8, 2022
NEW YORK, Sept. 14, 2022 /PRNewswire/ — Hilco Streambank (www.HilcoStreambank.com) announced that it is seeking offers to acquire or license the patent portfolio and related assets of rapid, precision liquid heating technology company, Heatworks Technologies, Inc.
Bids are due on or before December 1, 2022. Hilco Streambank will conduct an auction on December 8, 2022. Interested parties may click here to learn more and are encouraged to contact Hilco Streambank to access confidential information.
Heatworks has developed novel liquid heating technology that utilizes graphite electrodes to pass controlled electric currents through any surrounding conductive liquid, utilizing the liquid itself as the electrical resistor. The process nearly instantaneously heats the liquid passed through the electrodes and overcomes the shortcomings of traditionally immersed metallic heating elements, which are prone to scaling, inefficient, and imprecise. Click here for a demonstration of Heatworks’ technology versus traditional heating elements.
Heatworks has successfully commercialized the technology in the form of a smart, electric, tankless water heater that provides endless hot water on-demand, the Model 3. Heatworks has also developed unique prototypes for a countertop dishwasher, the Tetra, and a dual-spouted instant-hot and cold water carafe, the DUO Carafe. The Heatworks suite of technology offerings has earned the 2018 CES Editor’s Choice Award, 2019 CES Best of Innovation Honoree Award, Home Appliance Category, and has been featured in the London Design Museum Beazley Designs of the Year and numerous trade and consumer publications.
In surveying the competitive landscape, Hilco Streambank CEO Gabe Fried stated, “Manufacturers of immersion and circulation heating devices can now leapfrog significant R&D expense and quickly get to market with the next generation of fluid heating technology. The applications range from consumer appliances such as coffee makers and on-demand water heaters to industrial-scale heaters used in breweries and beverage processing.” Fried continued, “This technology addresses both the efficiency and durability challenges that plague more conventional systems and reduces both water and fuel consumption as a result. Having product in the market and developing custom products for name brand appliance manufacturers demonstrates the commercial acceptance of this technology.”
Hilco Streambank Senior Vice President and head of patent advisory, Karl Maersch, added, “Advancements in a technological field often involve incremental improvements over the existing technology. What we see here is a massive leap forward in the field of liquid heating, one that brings hundred-year-old heating technology into the 21st century.”
The assets are being offered for sale or license on behalf of David Baker, the company’s court-appointed receiver.
About Hilco Streambank: Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported cases, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet, and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization, and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate, and strategic capital investments.
SOURCE Hilco Streambank
