OriginOil Inc. is developing a breakthrough technology that will transform algae into a true competitor to petroleum. Algae is considered to be a very promising source of renewable oil as evidenced by Exxon’s recent $600 million investment into the industry.
OriginOil has announced that the company’s CEO, Riggs Eckelberry, and chief scientist, Dr. Vikram Pattarkine, will present the industry’s first-ever comprehensive algae productivity model to industry leaders and fellow members at the National Algae Association’s quarterly conference, entitled â€œAlgae: The New Oilâ€, in Houston on September 18, 2009.
OriginOil’s interactive model defines the raw material inputs, quantifies the efficiency of the production and extraction system, and the conversion of the feedstock into various fuels and co-products. It also estimates the real estate footprint for an industrial algae operation, capital requirements and operating expenses, and the time required to recapture the initial investment.
OriginOil CEO Riggs Eckelberry said, â€œA good baseline model for productivity of industrialized algae is critical to the billions being invested in the algae segment. It is our intention to share as much of this as we can to foster collaboration and help quantify industry productivity, raw material requirements including energy, capital requirements and potential return on investment.â€
Barry Cohen, executive director of the National Algae Association, agreed with the need for such a model and the importance of it. He said, â€œOur industry is crying out for a good baseline. It doesn’t matter if the numbers are great, but we need a logical place to start.â€ He added, â€œWe’ve come to expect this kind of courageous thinking from the folks at OriginOil and I can’t wait to see the results.â€