Team to innovate on concepts for beneficial CO2 use includes Idaho National Laboratory and two major US universities
Los Angeles, CA August 13, 2009 – 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, today reported that it led a consortium of industry leaders in a recently submitted application for a grant under the American Recovery and Reinvestment Act of 2009. The consortium includes the Idaho National Laboratory of the Department of Energy (DOE), two top US universities, and materials technology firm Media & Process Technology.
Known as Funding Opportunity DE-FOA-0000015, the grant is for “Carbon Capture and Sequestration from Industrial Sources and Innovative Concepts for Beneficial CO2 Use”. The purpose of the DOE-managed grant is to increase funding for demonstration systems in carbon capture and sequestration from industrial sources and innovative concepts for beneficial CO2 use. The OriginOil-led proposal falls under Technology Area 2 – Innovative Concepts for CO2 Use - by using algae to absorb CO2 and produce biofuels. Total funding under this technology area is expected to exceed $100 million, split between an estimated 4 to 8 awardees.
The consortium has proposed a total budget of just over $1 million for Phase 1 of the project. This phase will encompass work from project definition activities through preliminary design and permitting and is expected to last for seven months, beginning on October 1, 2009. Phase 2 will cover design, construction and operation of a pilot demonstration facility. The overall period of performance for both phases is expected to last for 48 months.
The Funding Opportunity requires applicants to provide 20% in matching funds. OriginOil has successfully applied for up to $300,000 in matching funds from the Public Interest Energy Research (PIER) Program of the California Energy Commission under PON-08-011.
“This grant is well designed for the early stage of the algae industry and will advance the industry tremendously,” said Riggs Eckelberry, OriginOil CEO. “We greatly appreciate the support of a government laboratory and leading academic institutions in making this application.”
About the Funding Opportunity
(DE-FOA-0000015) Recovery Act: Carbon Capture and Sequestration from Industrial Sources and Innovative Concepts for Beneficial CO2 is a cost-shared collaboration between the Government and industry to increase investment in clean industrial technologies and sequestration projects. In accordance with the American Recovery and Reinvestment Act of 2009, and Section 703 of Public Law 110-140, for this Funding Opportunity Announcement, DOE’s two specific objectives, identified as Technology Areas, are to demonstrate: (1) Large-scale industrial CCS projects from industrial sources and (2) Innovative concepts for beneficial CO2 use. The Applicants shall clearly identify the technology area under which the application is being submitted. Link for more information: Click here.