TMW, a Delaware-incorporated company engaged in toll processing of flat-rolled metals, has developed and patented the EPS Gen 4 technology over the past 15 years. Under the agreement, Lloyds Engineering will receive a licence to use TMW’s patented technology, along with related technical support services, the company said.
The agreement allows Lloyds Engineering to design, manufacture and sell EPS Gen 4 cells globally, excluding China, Macao, Hong Kong, Taiwan, and within a 350-mile radius of Red Bud, Illinois, US. The arrangement is structured as a licensing deal, with annual cash payments to be made as per the purchase agreement.
Lloyds Engineering will be entitled to manufacture and sell an unlimited number of EPS cells, subject to payment of an agreed earn-out to TMW for a specified period. There is no share exchange involved, and the transaction does not qualify as a related-party transaction, with promoters having no interest in TMW, the company said.
As part of the pact, TMW will provide ongoing design upgrades, technical and sales training, and access to marketing materials.
The EPS Gen 4 technology offers a sustainable alternative to conventional acid-based steel pickling, eliminating the use of acid, ensuring zero effluent discharge, and using fully recyclable materials, thereby addressing key environmental concerns in steel surface treatment.
Lloyds Engineering Works is engaged in the design, engineering, manufacturing, fabrication, supply, erection and commissioning of a wide range of mechanical, hydraulic and structural systems. Its portfolio includes process plant equipment, metallurgical and chemical plant machinery, marine loading and unloading arms, truck and wagon loading systems, columns, pressure vessels, dryers, boilers, power plant and steel plant equipment, along with the execution of turnkey and EPC projects.
On a standalone basis, net profit of Lloyds Engineering Works rose 18.75% to Rs 33.19 crore while net sales rose 14.99% to Rs 243.95 crore in Q2 September 2025 over Q2 September 2024.
Shares of Lloyds Engineering Works shed 0.16% to Rs 50.91 on the BSE.