Carbonomics will develop carbon credit solutions for waste-to-jet fuel applications using algae
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, announced today that a leading expert in emission-trading has joined the first industry working group to develop jet fuel from algae using waste streams. Carbonomics will help develop a new carbon "asset class" for this promising new activity.
"Carbon penalties can drive CO2 emitters to invest in algae projects," said Riggs Eckelberry, OriginOil CEO. "Beyond that, the global carbon market is expected to grow into the world's largest. That makes Carbonomics a vital member of our working group."
Initially, Carbonomics will determine if the activity complies with the Voluntary Carbon Standard, the American Carbon Registry and possibly the Kyoto Protocol's Clean Development Mechanism. Once a protocol has been established and validated, Carbonomics will work with OriginOil and the other working group members to register projects, perform annual audits, and identify opportunities for credit sales.
Carbonomics President, Seth Baruch, said: "We are excited to work with OriginOil and the rest of the working group to create a new offset methodology for the algae industry. We believe that there is tremendous potential for carbon credits in algae production, and look forward to helping OriginOil lead the industry in creating the necessary baselines for validation and registration."
OriginOil has concluded through its extensive Modeling that carbon credits are a key contributor to cost-effective algae production. Developing a standardized methodology and negotiating emissions reduction purchase agreements will help make the potential of algae a reality.
OriginOil worked with the non-profit consortium Electricore to develop the first industry working group to develop jet fuel from algae using waste streams. The first industry partners, biodigester builder Biogas Energy and ionic technology developer Ceramatec, were announced on March 24, 2010.
About Carbonomics
Carbonomics® is a leader in helping businesses realize the potential of carbon credits in the US and international emission-trading markets. Carbonomics identifies greenhouse-gas (GHG) reduction opportunities, determines how projects can generate carbon credits, and guides companies through the entire process - from project inception to annual verification. More at www.carbonomicsonline.com.
About OriginOil, Inc.
OriginOil, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products, such as diesel, gasoline, jet fuel, plastics and solvents, without the global warming effects of petroleum. Other oil-producing feedstock, such as corn and sugarcane, often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. To learn more about OriginOil™, please visit our website at www.originoil.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Abstract/Short Description
OriginOil welcomes carbon credits expert Carbonomics to OriginOil and Electricore co-sponsored jet fuel working group, which also includes Biogas Energy and Ceramatec.
Keyword List
algae carbon credits, algae jet fuel, algae oil, american carbon registry carbon credits algae, biogas energy, carbonomics, carbon credits algae voluntary carbon standard, carbon credits kyoto protocol clean development mechanism algae, ceramatec, electricore, renewable oil, riggs eckelberry, originoil, ooil
Contacts:
Press Contact:
Beckerman Public Relations
Maria-Christina Zajac
201-465-8026
mczajac@beckermanpr.com
or
Investor
Relations Contact:
OriginOil, Inc.
Tom Becker
Toll-free:
877-999-OOIL(6645) Ext. 641
International: +1-323-939-6645 Ext. 641
Fax:
323-315-2301
ir@originoil.com
www.originoil.com
