Origin Oil establishes JV to develop biorefineries

U.S.-based algae-to-oil technology developer OriginOil Inc. said it has established a joint venture to develop biorefineries catering for the U.S. Department of Defense and the North Atlantic Treaty Organization (NATO). The JV is called Future Energy Solutions Unlimited Inc. (FES) and has a wholly-owned subsidiary in Australia, Alternate Energy Systems Pty Ltd. It plans to conduct bankable feasibility studies in support of project development and project delivery for biofuel refining centres worldwide. OriginOil is to provide its proprietary systems and process know-how to help create multi-feedstock blending standards that will be required for the biorefineries. Meanwhile, the Energime Group of Companies has made preliminary commitments to supply a total of US$4.5 million in matching funds to the joint venture and its Australian subsidiary. Larry Sirmans, the outgoing technical director of Australian MBD Energy Ltd. and FES chief executive, said initially the focus of the JV would be on projects in the U.S. and Australia. Long-term, he said he saw great potential for Asia, Europe and Africa. (December 15, 2011)