CALGARY, AB, Sept. 25, 2023 /PRNewswire/ – Neoflow, a Calgary based energy technology company, has successfully conducted an integration test with the U.S. CBP and thirteen oil industry companies using the Neoflow Crude Oil Platform. This milestone brings the Crude Oil Platform closer to operational status.
After 4 years of effort and collaboration with U.S. Customs and Border Protection, the Department of Homeland Security’s Science and Technology Directorate, and 13 Industry participants Neoflow, a Calgary based energy technology company conducted a successful technology and business demonstration of Neoflow’s Crude Oil Platform. The Platform creates a digital “passport” (a unique identifier), for each shipment of oil, and tracks it through the delivery chain.
“The successful demonstration is a crucial milestone on the path to commercial operation. I thank our partners at CBP, DHS (Department of Homeland Security) and Industry for their support. This digital innovation will allow the U.S. CBP to streamline the movement of crude oil into the U.S., making border clearance swift and efficient, and modernizing the processes associated with the cross-border movement of crude oil,” said Jim Oosterbaan, CEO of Neoflow. Canadian imports of Crude Oil and Natural Gas into the United States exceeded $ 110 Billion during 2022.
The Neoflow Platform is built on a foundation of interoperable standards (including Verifiable Credentials, Decentralized Identifiers, and Traceability Vocabulary from the W3C Consortium).
CBP’s partnership with Neoflow is focused on developing the technology to trace crude and natural gas through pipelines from Canada into the US. This traceability will enable importers to access duty-free preference under the USMCA (United States Mexico Canada Agreement).
Vincent Annunciato, CBP Director said “Our 2023 test created the possibility for more advancements. With bipartisan support, CBP will extend its commitment to global standards by evaluating its ability to verify the origin of transactions and issue credentials. The 2024 tests are a prelude to limited production for the five Silicon Valley Innovation Program projects (pipeline oil, steel, natural gas, e-commerce, and food safety) and the larger CBP modernization effort, the Automated Commercial Environment (ACE) 2.0.”
Neoflow Inc. is a Calgary based company, a team of digital innovators, entrepreneurs, and energy industry experts. We have a common passion for transformation in the energy industry along with a common belief that the Neoflow platform will create opportunities to transform the energy value chain. To learn more about Neoflow visit our website www.neoflow.energy and follow us on LinkedIn, Twitter, and Medium.
The SVIP is one of S&T’s programs and tools to fund innovation and work with private sector partners to advance homeland security solutions. Companies participating in the SVIP are eligible for non-dilutive funding over four phases to develop and adapt commercial technologies for homeland security use cases.
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SOURCE Neoflow
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