- Multi-Phase Program Will Focus on Validation and Commercial Scaling of OriginOil’s Algae-to-Oil Technology -
Los Angeles, CA – February 17, 2009 – 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).
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 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.
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