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OriginOil, Inc. (OOIL) Agrees to Participate in Pilot Scale Algae Project

|Includes: OriginClear, Inc. (OCLN)

OriginOil, Inc. has agreed to participate in a pilot scale algae project that the Mexican government will fund. The project will demonstrate industrial algae production. It will pave the way for substantial investment by the Mexican government in large-scale jet fuels production.

Riggs Eckelberry, OriginOil CEO, said, “We are excited to support Mexico’s ‘Manhattan Project’ to produce 1% of the nation’s jet fuel from algae in less than five years. By the end of this decade, the project must produce nearly twenty times that amount, propelling Mexico to the front rank of bio-fuel producing nations. We pledge the full dedication of our resources to help make this happen.”

The project operator, Genesis Ventures, based in Ensenada, Baja California, has received a first Economy Ministry grant through The National Council for Science and Technology (CONACYT) for their first site. Genesis will develop the site as a model for many additional projects to be co-located with large CO2 sources.

Ensenada’s Center for Scientific Research and Higher Education (CICESE) will operate the Genesis site. The facility offers a team of top researchers, sophisticated laboratory equipment, and bench-scale algae cultivation infrastructure. Genesis will also invite University of Baja California (UABC) algae researchers to collaborate in the project. Ensenada is an ideal environment for algae growth, with abundant sunlight and access to seawater.

Eduardo Durazo Watanabe, President of Genesis Ventures, said, “We intend to rely heavily on OriginOil’s expertise in feeding and sanitizing algae cultures, and its core harvesting and extraction technology. Through our partner Jose Sanchez, we have a uniquely close association with OriginOil which will enable us to scale up production quickly.”

Mr. Sanchez, in addition to his leadership role at Genesis, is OriginOil’s Vice President of growth and production. He recently helped increase algae production at a research site operated by Australia’s MBD Energy Limited, OriginOil’s first commercial partner.

Prior to joining OriginOil, Mr. Sanchez was General Manager of Aurora Mexico, a then-subsidiary of San Francisco-based Aurora Algae. While there, he launched Aurora’s Mexico-based field operations, built and opened their R&D facilities, managed initial scale-up endeavors, provided information to decision makers to aid in site selection, and carried out negotiations on land acquisition, water rights, and CO2 procurement. Additionally, he introduced landmark Mexican legislation to address the environmental, water management, and land use aspects of algae production systems. He has continued to work with Mexican stakeholders to develop the nation’s strategic algae infrastructure.

Headquartered in Los Angeles, California, OriginOil, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. The Company’s technology will produce “new oil” from algae, through a cost-effective, high-speed manufacturing process.

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