- New Energy Congress Honors OriginOil as Top Algae Company
Los Angeles, CA – November 19, 2008 – 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 the company has been named as one of the Top 100 Clean Energy Technologies by the New Energy Congress. NEC ranks OriginOil as the top algae company.
The New Energy Congress is an association of energy professionals from around the world who review the most promising claims to existing and up-and-coming energy technologies that are clean, renewable, affordable, reliable, easy to implement and safe. From this ongoing review, NEC generates its Global Top 100 Clean Energy Technologies listing (http://Top100Energy.com).
“We are pleased to welcome OriginOil to our listing of top renewable energy companies. Algae is carbon neutral and holds tremendous potential as an energy resource. OriginOil is addressing the challenges to large-scale production,” said Sterling D. Allan, CEO of the New Energy Congress. “OriginOil is developing a practical, industrial process that can make algae a viable, cost-competitive alternative to petroleum.”
Companies named to the list will be honored at the NEC’s sponsoring display at the second bi-annual Environmental Hall of Fame November 20-22 in Chicago. The awards ceremony, which is open to the public, will include Pierce Brosnan (James Bond) and his wife, who have been active in the environmental movement.
OriginOil’s proprietary system is an industrial, scalable process for continuous algae growth and extraction of oil. In a self-contained module, the Helix BioReactor™, algae is cultivated around a rotating vertical shaft which allows it to grow in multiple layers and facilitates the delivery of the nutrients it needs – CO2 and appropriate light spectrum. The oil is then extracted by breaking down the algae cell walls using the company’s Quantum Fracturing™ technology, a chemical-free microwave process. The complete system is modular, scalable and portable. By displacing fossil fuel use, OriginOil’s process also helps producers garner saleable carbon credits.
“We are honored to be recognized by the New Energy Congress,” said Riggs Eckelberry, OriginOil CEO. “Algae can be a petroleum replacement in all sorts of applications, including gasoline, diesel, plastics and solvents. The goal with our unique technology is to fundamentally change our source of oil without disrupting the environment or food supplies, as other biofuels do.”
About OriginOil, Inc.
OriginOil helps algae growers extract oil from algae for use as a feedstock for the commercial production of transportation fuels, chemicals and foods. In a single step, our breakthrough technology efficiently dewaters and breaks down algae for its useful products, overcoming one of the greatest challenges in making algae a viable replacement for petroleum. As a pioneer and the emerging leader in the global algae oil services field, OriginOil supports its core algae extraction technology with an array of process innovations for some of the world’s most successful algae growers and refiners, just as pioneers like Schlumberger and Halliburton have done in the oilfield services industry. 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. 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.
