LOS ANGELES & NANTERRE, France--(BUSINESS WIRE)--OriginOil, Inc. (OTCBB:OOIL), developer of Electro Water Separation™ (EWS), and Ennesys SAS, the developer of environmental energy systems for sustainable buildings, today announced that Ennesys recently closed a funding round of 300,000 euros through WiCap Ennesys, a special vehicle created by French crowdfunding site WiSeed. The pre-money valuation on this latest round of funding was about $6 million, multiplying OriginOil’s seed investment in the joint venture by thirty times.
The investment followed a state visit by French President François Hollande (video) in which the leader praised Ennesys as an innovative start-up with a technology ready to propel France toward meeting its ambitious renewable energy and green building goals.
“My greatest admiration goes to the Ennesys team, in particular the founders Pierre Tauzinat, Christine Grimault and Jean-Louis Kindler, who have built a major start-up success in a very short period of time,” said Riggs Eckelberry, OriginOil CEO. “At 40% of total consumption, buildings are Europe’s greatest source of energy demand, and we will work hard to support Ennesys’ uniquely French solution to these challenges.”
Ennesys is currently exhibiting at the International Water Summit in Abu Dhabi.
In 2011, OriginOil helped launch Ennesys to target France’s sustainable energy law, RT 2020, which requires that buildings achieve a positive energy balance, while treating their own effluents, by the year 2020. Ennesys proposed to feed algae with sanitized waste water, using the algae to generate energy onsite. Ennesys immediately began working with large builders such as Global 500 multinational Bouygues.
In addition to its original investment, OriginOil has provided algae harvesting and water sanitizing equipment and technical expertise over the past two years. Late in 2013, OriginOil transferred three non-core patents to Ennesys on preferential payment terms to cement its technology position.
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About OriginOil, Inc.
OriginOil has developed a breakthrough water cleanup technology for the oil & gas, algae and other water-intensive industries. Unlike other technologies, the company's patent-pending Electro Water Separation™ process rapidly and efficiently removes organic material from large quantities of water without the need for chemicals. For the oil & gas industry, OriginOil is helping clean up produced water and recycle fracking water to reduce harm to the environment and lower costs. For the emerging algae industry, OriginOil is making large-scale harvest possible. And in aquaculture, OriginOil is helping improve yields and making seafood healthier by dramatically reducing the levels of toxic ammonia and bacteria in water. For a world short on clean water, OriginOil is the lower-cost and cleaner answer. To learn more about OriginOil®, please visit our website at www.originoil.com.
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Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Abstract: Ennesys closes funding round at $6 million valuation, multiplying OriginOil’s stake by 30X; French crowdfunding site WiSeed creates WiCap Ennesys to invest 300,000 Euros.
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