OriginOil to Work with Department of Energy on Algal Biofuel
An emerging leader in the algae oil services space, OriginOil is a developer of a revolutionary technology to extract oil from algae for use as feedstock for the commercial production of chemicals, foods and transportation fuels. OriginOil’s Senior Vice President of Technology Paul Reep previously was a manager at the Idaho National Laboratory, and is responsible for bringing the two organizations together. Recently, OriginOil also announced the appointment of Dr. Thomas H. Ulrich to its Board of Advisors. Dr. Ulrich was most recently an Idaho National Laboratory Advisory Scientist.
Per the new agreement, OriginOil will provide INL with its Single Step Extraction™ technology, and contribute its knowledge of how to stimulate oil production and pre-treat for consistent extraction of the algae and its co-products. OriginOil will be able to benefit from INL’s expertise and state-of-the art processing facility as the two work together on a viable solution towards reducing our dependence on fossil fuels.
According to Riggs Eckelberry, OriginOil’s CEO,
The US Navy alone plans to achieve 50% use of alternative fuels in just eight years, a goal of eight million barrels of biofuels per year that must be blended from non-food fuels like algae. But to blend, we must standardize, using the latest breakthrough technologies. We are proud to contribute to this effort and will share what we learn with our approved partners worldwide.
OriginOil (OOIL) Stock Quote and News:
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