OriginOil Adds Carbon Credits Expert to Industry Working Group
Carbonomics will develop carbon credit solutions for waste-to-jet fuel applications using algae
Los Angeles, CA April 15, 2010 – OriginOil, Inc. (OOIL), the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, announced today that a leading expert in emission-trading has joined the first industry working group to develop jet fuel from algae using waste streams. Carbonomics will help develop a new carbon “asset class” for this promising new activity.
“Carbon penalties can drive CO2 emitters to invest in algae projects,” said Riggs Eckelberry, OriginOil CEO. “Beyond that, the global carbon market is expected to grow into the world’s largest. That makes Carbonomics a vital member of our working group.”
Initially, Carbonomics will determine if the activity complies with the Voluntary Carbon Standard, the American Carbon Registry and possibly the Kyoto Protocol’s Clean Development Mechanism. Once a protocol has been established and validated, Carbonomics will work with OriginOil and the other working group members to register projects, perform annual audits, and identify opportunities for credit sales.
Carbonomics President, Seth Baruch, said: “We are excited to work with OriginOil and the rest of the working group to create a new offset methodology for the algae industry. We believe that there is tremendous potential for carbon credits in algae production, and look forward to helping OriginOil lead the industry in creating the necessary baselines for validation and registration.”
OriginOil has concluded through its extensive Modeling that carbon credits are a key contributor to cost-effective algae production. Developing a standardized methodology and negotiating emissions reduction purchase agreements will help make the potential of algae a reality.
OriginOil worked with the non-profit consortium Electricore to develop the first industry working group to develop jet fuel from algae using waste streams. The first industry partners, biodigester builder Biogas Energy and ionic technology developer Ceramatec, were announced on March 24, 2010.
About Carbonomics
Carbonomics® is a leader in helping businesses realize the potential of carbon credits in the US and international emission-trading markets. Carbonomics identifies greenhouse-gas (GHG) reduction opportunities, determines how projects can generate carbon credits, and guides companies through the entire process – from project inception to annual verification.
More at www.carbonomicsonline.com.
