OriginOil, Inc. (OOIL), the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, today announced that it entered recently into a strategic partnership agreement with MBD Energy Limited, its first customer and a leading player in the fast-growing field of CO2 Bio-Capture using algae.
“We are excited to collaborate with OOIL on our joint quest to commercialise industrial-scale algae production,” said Andrew Lawson, MBD Energy’s managing director. “We look forward to working very closely on large-scale algae systems to absorb the CO2 from coal-fired power plants and other major greenhouse-gas emitters.”
MBD Energy is regarded as an international leader in the use of captured flue-gases as feedstock to produce algal biomass. One of the world’s largest mining companies, Anglo American, is a cornerstone investor. Earlier this year, MBD became OriginOil’s first customer for a research-scale system. Based on the success of this phase, MBD will purchase progressively larger systems to serve its three major power station projects in Australia.
OriginOil and MBD recently agreed on a process to manage these phases, to protect OriginOil’s Intellectual Property, and for the joint integration of multiple technologies. OriginOil will market any such jointly-developed systems worldwide.
Under the agreement, MBD will have up to two years of Australian exclusivity for any product that it purchases from OriginOil.
“With this agreement, MBD becomes our first strategic partner,” said Riggs Eckelberry, OriginOil CEO. “They will help us improve our own products in the field while assigning all such improvements to us, and we will also develop integrated systems together.” He added, “We welcome Australia’s MBD Energy as our first geographical partner and look forward to many years of mutual growth in the fast-moving field of CO2 capture using algae.”
Source : Press Release
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