OriginOil Signs Algae Biofuel Agreement with the US Department of Energy
This came in my inbox on Tuesday but I forgot to put it up until I saw an article about it today. Take a look:
NEWS RELEASE: 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, 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.
Well it looks like commercialization of algae biofuels could be here within a year. Very exciting stuff people. I will try to keep you posted.
