OOIL, OriginalOil Inc ... OriginOil Leads Consortium Bidding on Department of Energy GrantBY Business Wire
— 05:00 AM ET 08/13/2009
LOS ANGELES--(BUSINESS WIRE)-- OriginOil, Inc. (OOIL
Loading...
), 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 (OOIL
Loading...
)-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 (OOIL
Loading...
) 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 (OOIL
Loading...
) 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.
About OriginOil, Inc. (OOIL
Loading...
)
OriginOil, Inc. (OOIL
Loading...
) is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products, such as diesel, gasoline, jet fuel, plastics and solvents, without the global warming effects of petroleum. Other oil-producing feedstock, such as corn and sugarcane, often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. To learn more about OriginOil™, please visit our website at www.originoil.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press 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.
Abstract/Short Description
OriginOil (OOIL
Loading...
) leads consortium including Idaho National Laboratory, two top US universities, and Media & Process Technology in bid for DOE grant.
Keyword List
algae to oil, american recovery and reinvestment act 2009, carbon dioxide capture, carbon dioxide capture and storage, ccs carbon capture, department of energy grant, ooil, originoil, originoil inc, pier program, renewable oil, riggs eckelberry
Source: OriginOil, Inc. (OOIL
Loading...
)
AI
