On Tuesday September 20, 2011, Originoil Inc (OTC:OOIL), a budding prominent firm in the global algae oil services industry, engaged in assisting the algae growers in the extraction of oil from algae efficiently through the usage of their exclusive breakthrough technology, annunciated its alliance with the U.S. Department of Energy in developing the standards for converting biomass, including algae, into biofuels and other products.
The joint effort has been achieved in order to affect the program’s main goals including the development of feedstock standards and specifications for different formats of bio-energy materials, the exploration of algae’s potentiality in adding energy content to other feedstock’s such as woody and herbaceous materials, which are already being configured for biochemical and thermochemical upgrading for energy production. It is anticipated that the combined chemical and energy value of the whole formatted feedstock in correct formulation will be greater than the aggregate of individual parts.
Unlike the previous utilization of algae on harvesting its oil products for drop-in biofuels, the newly produced whole algae feedstock with its lipids still in the cell is aimed at centralizing downstream processing and is more energy-efficient. OriginOil plans to work with researchers at INL to extend the concepts to include algae, along with focusing the workshops on terrestrial biomass.
Paul Reep, OriginOil Senior Vice President of Technology expressed that they are enthusiastically looking forward to the collaboration in establishing a uniform intermediate feedstock standard for algae, thereby helping the algae producers and energy refiners to collaborate for biofuels production.
Paul Reep had participated in the Department of Energy’s (DOE) Biomass Preconversion and Densification Workshop, as an algae industry representative, held at the Idaho National Laboratory (INL) on August 23rd and 24th. In connection to which the invited participants from both private and public sectors were given progress updates from DOE’s Office of Biomass Programs.
OriginOil is determined to work hard in order to obtain a mutually agreed standard for algae feedstock on the basis of which the respective equipments will be designed, and the desired products will be produced accordingly. With the John D. Rockefeller’s creation of a “Standard Oil,” the specification standards are critical enabling steps for large-scale expansion of emerging industries.
Shares of OOIL soared as much as 29% to $2.91 on hefty volume of 65K shares. The stock is still down 50% so far this year.
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