OriginOil receives $4.5 million investment
OriginOil, an algae technology developer, has joined forces with Australian company Future Energy Solutions (FES), and its subsidiary Alternate Energy Systems (AES), to carry out feasibility studies on the potential for biorefining centres around the world.
The biorefineries would serve US and NATO military requirements for alternative fuels, including biofuels.
OriginOil has also recently teamed up with the Department of Energy's Idaho National Laboratory in order to develop multi-feedstock blending standards that will be used in the new biorefineries.
AES has invested $3 million (€2.3 million) and FES $1.5 million, with the funding due to be finalised by the beginning of next year.
Larry Sirmans, CEO of FES, says: ‘Our project delivery team has a unique blend of industry-specific knowledge and experience as well as very relevant military experience. We know and understand what both the military and the industry face to make this a reality. We are focusing on projects initially in the US and Australia. Longer term, we see tremendous opportunity for Asia, Europe and Africa.’