OriginOil Signs Cooperative Agreement with Department of Energy
Multi-Phase Program Will Focus on Validation and Commercial Scaling of OriginOil’s Algae-to-Oil Technology
LOS ANGELES--(BUSINESS WIRE)--OriginOil, Inc. (OTCBB: OOIL), the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, announced that it has signed a Cooperative Agreement with The United States Department of Energy's Idaho National Laboratory (INL).
“Because algae represents such promise, we have been presented with numerous opportunities for partnerships in the public and private sector in the US and abroad. We decided to begin with INL because it would be very productive across all of our initiatives.”
The multi-phase research program will focus on validation and commercial scaling of the company’s technology in the production of algae-based fuels by utilizing the state-of-the-art equipment, capabilities, scientists and engineers of the INL. The initial phase, which starts immediately, will focus on the collaborative development of an energy balance model for photobioreactor-based algae systems. OriginOil expects to use this model in the optimization of its algae-to-oil technology as early as the 1st Quarter of 2009. Subsequent phases will center on validation of the OriginOil processes and piloting specific commercial applications.
Thomas H. Ulrich, PhD, Advisory Scientist for INL’s Biofuels and Renewable Energy department, said: “INL has been tasked with the key National Security mandate of developing advanced renewable energy technology. Our primary challenge is cost-effective and scalable industrial processes and our partnership with OriginOil will help us find solutions to this challenge in the promising area of algae-to-oil technology. Partnerships with innovators like OriginOil will accelerate our pursuit of national energy independence initiatives.”
Vikram M. Pattarkine, PhD, OriginOil’s chief technology officer, said, “Because algae represents such promise, we have been presented with numerous opportunities for partnerships in the public and private sector in the US and abroad. We decided to begin with INL because it would be very productive across all of our initiatives.”
In operation since 1949, the Idaho National Laboratory (www.inl.gov) is a science-based, applied engineering national laboratory dedicated to supporting the Department of Energy (DOE) on energy research and national defense. Its mission is to ensure the nation's energy security with safe, competitive and sustainable energy systems and unique national and homeland security capabilities.
About Idaho National Laboratory
With more than 300 scientists and engineers, INL's Energy, Environment Science & Technology Directorate integrates nuclear energy research and its unconventional application with other bio and fossil energy systems, advances renewable energy technologies and develops alternative energy sources and transportation fuels. With science and engineering capabilities in key areas, the Directorate provides talent to support research efforts in all energy systems and the support research and development needed for national and homeland security technologies. More information is available at www.inl.gov.
About OriginOil, Inc.
OriginOil, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products, such as diesel, gasoline, jet fuel, plastics and solvents, without the global warming effects of petroleum. Other oil-producing feedstock, such as corn and sugarcane, often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. To learn more about OriginOil™, please visit our website at www.originoil.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, 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, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. 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: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
OriginOil, Inc. signs cooperative agreement with U.S. Dept of Energy’s Idaho National Laboratory, focusing on validation and commercial scaling of OriginOil’s algae to oil technology.
algae biofuel, algae to oil, alternative energy, department of energy, doe, idaho national lab, inl, national security, ooil, originoil, riggs eckelberry, us department of energy