Los Angeles, CA - OriginOil, Inc., the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, launched its corporate website recently. The website is the first glimpse into the OriginOil System, a complete bioreactor-based process where microalgae can be rapidly grown and cracked to extract algae oil for fuel and chemical production.
Crude oil has recently traded near $80 and the price may be poised to reach as high as $100 per barrel. U.S. petroleum industry leaders have stated that world oil and gas supplies are not likely to keep up with rising global demand over the next 25 years. The need for an alternative to petroleum is clear.
"We've known for a long time that algae has the best potential for displacing petroleum over time," said Riggs Eckelberry, president and CEO, adding, "but its potential has always been held back for lack of critical enabling technology. We believe OriginOil's technology is the missing element to enable mass production of algae oil."
The OriginOil website outlines the current challenges in algae production and explains the Company's breakthrough technology, Quantum Fracturing" , which addresses these challenges. The site discusses the applications for algae-based feedstock; it is also a resource center for information on algae production as a biofuel.
The Company intends to be a technology provider to the growing alternative energy and biofuel industry. Therefore, while OriginOil intends to sell complete algae oil production systems, it will also pursue co-ventures and licensing agreements with large-scale producers. As a technology company, OriginOil does not plan on becoming a marketer of end products such as biodiesel and other fuels.
SOURCE: OriginOil, Inc.