The new fuel application has been said to successfully withstand various testing procedures used in international bids for fuel taggants. This was achieved by working closely with two international anti-counterfeiting/brand protection companies. Dotz Nano has also submitted a patent application on the specific tagging of fuels with GQDs.
The Company explains that the high price and high rate of taxation on fuel makes it an attractive target for theft, particularly within a company that has private fuel storage. Importantly, the GQD technology makes it hard to launder the taggant out of the fuel and as such can be a solution for the anti-counterfeiting/brand protection application.
The petroleum and fuel marker market is a multi-billion dollar market with first tier players such as BASF, SICPA and Authentix. Dotz Nano is aiming to collaborate with several of them for the implementation of its GQD technology into the fuel authentication market.
In July 2017, Dotz Nano received firm commitments to raise $1.5 million.