Odyssey Enters Agreement to Purchase Q Solid Fuels (Pty) Ltd
JOHANNESBURG, South Africa, Jun 18, 2010 (GlobeNewswire via COMTEX) -- Odyssey Oil & Energy, Inc. /quotes/comstock/11k!oogi (OOGI 0.07, -0.01, -6.67%) is pleased to announce that it has entered into an Agreement to purchase up to 80% of Q Solid Fuels (Pty) Ltd.
Q Solid Fuels (Pty) Ltd manufactures and markets its QALA Fuel, which is a dry solid fuel product, manufactured with no crude oil components, and is environmentally friendly and socially responsible. QALA Fuels is extremely efficient and heats to a surface temperature of 800 Centigrade. This fuel source is ideal for cooking in rural areas.
About the Bio-Fuels Division
ALG Western Oil (Pty) Ltd, a subsidiary of Odyssey, is currently operating in a joint venture with Xstrata Alloys, a subsidiary of Xstrata Plc /quotes/comstock/23s!a:xta (UK:XTA 1,076, +49.00, +4.77%) ,the world's largest producer of ferrochrome in a project at one of Xstrata's Ferro-chrome smelters near Rustenburg in South Africa to capture and sequestrate the carbon dioxide emissions thereby creating carbon credits.
The current phase is the growing of a selected algae strain in photo bio-reactors, utilizing the carbon dioxide (CO2) flue gas coming from the exhausts of the generators, ( with the aid of sunlight and some nutrients, through the process of photosynthesis) to sequestrate the environmentally harmful CO2 emissions and produce high value compounds like vegetable oil which can be used directly as a bio fuel instead of diesel and or jet fuel, carbohydrates and protein to be used in the animal feed industry and the release of oxygen back into the atmosphere.
ALG Western Oil has a pilot plant at Xstrata's Boschoek Smelter. The next phase will be the rolling out on a commercial scale.
The process turns harmful emissions into oxygen while producing bio-fuel, a clean renewable source of energy. By using Algae as the feedstock no food related resources are being consumed to produce the bio-fuel.
