Terves Wins Significant Patent Infringement, Validity, and Lost Profits Rulings for Its Patented TervAlloy Dissolvable Metal Technology
EUCLID, Ohio–(BUSINESS WIRE)–#completiontools—Terves today announced that it has obtained a significant patent infringement, validity and lost profits judgment of over $700,000 against competitor Ecometal, Inc. and Nick Yuan over Terves’ patented TervAlloy dissolvable metal used by the fracking industry.
In Terves’ patent lawsuit in the U.S. District Court for the Northern District of Ohio, the Court ruled that Ecometal Inc., and Nick Yuan infringe both of Terves’s patents, U.S. Patent Nos. 10,329,653 and 10,689,740, and that those patents are valid.
A jury then awarded Terves lost profits of more than $700,000. In rendering that lost profit verdict, the jury determined that there are no available, alternate and non-infringing alternatives to Terves’s patented TervAlloy products.
At trial, Mr. Yuan testified under oath that Ecometal has stopped all shipments of any infringing material as of March 28, 2022 and that neither he nor his company Ecometal will ship any infringing material into the United States.
Terves’ CEO, Andrew Sherman states “Terves is pleased that the Court analyzed the law and facts to confirm that Ecometal and Mr. Yuan infringe, that Terves’ patents are valid. Also, the jury listened to all of the evidence closely and agreed with what we were seeking – lost profits damages based on the harm caused by that infringement.”
About Terves
Terves is the technology and cost leader in the development, manufacturing and sale of Engineered Response™ smart materials for the oil and gas industry. Terves’ intelligent materials sense and respond to their local wellbore environment to “do more”, such as dissolve, change dimensions, generate force or heat, destroy chemicals or bacteria, bond together, or solubilize and disperse based on change in time, temperature, pressure, PH, electrostatic charge, or other change in the local environment.
Terves is the leading manufacturer of dissolvable metals and dissolvable elastomers that are used for making frac balls, plugs, slips, seals and several other components used in oil and gas well completion and production; and have been used for completing tens of thousands of stages in North America, Europe, South America, Asia and MENA regions.
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Contacts
Anupam Ghildyal
aghildyal@tervesinc.com
