QS Energy is a development-stage company with a single product: Applied Oil Technology (AOT), a device designed to reduce crude oil viscosity in pipelines. AOT works by applying a high-voltage, low-amperage electric field to crude oil flowing through an in-line pressure vessel, reducing viscosity and improving flow rates without chemicals or heat. The target customers are midstream pipeline operators and upstream crude oil producers handling heavy crude, where reductions in diluent consumption or improvements in throughput can generate meaningful cost savings. QS Energy intends to sell or lease AOT units to pipeline operators, and has outlined a potential price of $5M per unit. The company has also proposed a recurring revenue model it calls "eDiluent," under which pipeline operators would offer on-demand electronic viscosity reduction as a fee-based service, with QS Energy capturing a share of revenue. QS Energy outsources all manufacturing to third-party fabricators. Despite over a decade of development, QS Energy has not achieved commercial adoption — the company has no revenue-generating customers and no AOT units in operation. Lab tests have shown viscosity reductions of up to 56% under controlled conditions, but full-scale field deployment has been repeatedly blocked by electrical failures, including short circuits and arcing inside the pressure vessel. A demonstration project installed in 2019 was removed in 2020 after a cascade of failures. The company has since redesigned key components and established a flow loop test facility in Corpus Christi, Texas, but no field deployment has followed. QS Energy funds all operations through equity issuances and convertible debt, and explicitly states it cannot continue operating through 2026 without raising additional capital.