OriginOil's French Joint Venture Participates in Large-Scale Algae Projects
Company to supply core technology and knowhow
Los Angeles, CA — May 11, 2011 — OriginOil, Inc. (OOIL), the developer of a breakthrough technology to extract oil from algae and an emerging leader in the global algae oil services industry, yesterday announced that Ennesys, its joint venture partner in France, is working with large institutions to develop two separate large-scale algae projects.
“Europe and France have made unconditional sustainability commitments, and this is driving fast-moving commercial algae projects for us in France,” said Riggs Eckelberry, OriginOil CEO. “We are committed to supplying our technology, knowhow and integrated supplier network to help Ennesys get these projects up and running quickly.”
In office building applications, Global 500 multinational Bouygues Construction engaged Ennesys to study the integration of waste water algae production in two massive building projects in the Greater Paris region, each at the scale of a million square feet (80,000 m2 and 150,000 m2). The resulting algae will be converted into fuel, electricity and industrial chemicals. The urgency for these projects comes from France’s RT 2020 sustainable energy law, which requires that all major buildings achieve a positive energy balance by the year 2020.
“Algae in France has taken off with the new eco-building law that forces large developers to innovate without delay on their new projects,” said Pierre Tauzinat, Ennesys president. “Due to its many benefits, algae is more productive than solar panels, and will generate continuing jobs here in France. That’s a huge benefit over solar, which is often manufactured in other countries and generates few jobs once installed.”
In marine fuel applications, ITSASOA is collaborating with Ennesys on a plan to absorb agricultural runoff using algae, which is then converted to fuel for fishing vessels. ITSASOA is an advanced biofuels program financed by the Ministry of Agriculture and Fisheries and the European Union.
The joint venture has attracted major media attention in France, culminating in yesterday’s coverage by Le Figaro, France’s largest daily, in the first of a two-part series on algae. Last week, Ennesys president Pierre Tauzinat appeared on BFM, France’s national business radio channel; and La Tribune, France’s business daily, has reported on the venture. (See clips.)
Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this 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, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. 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: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Return to Announcements»