OriginOil to Up-List Shares to Trade on a Senior U.S. Securities Exchange
Solazyme’s successful IPO proves strong institutional investor demand for algae stocks
LOS ANGELES--(BUSINESS WIRE)-- OriginOil, Inc. (OOIL), the developer of a breakthrough technology to extract oil from algae and an emerging leader in the global algae oil services industry, today announced its intention to up-list its shares to a senior U.S. securities exchange.
'Solazyme's highly successful recent IPO shows there is strong institutional investor demand for algae stocks,' said Riggs Eckelberry, OriginOil CEO. 'Our move to a national exchange will allow us greater access to capital from institutional investors which will help us meet increasing worldwide demand for our unique algae extraction technology.'
Algae producer Solazyme, Inc. raised more than $200 million in its recent IPO to help fund its own commercialization process.
According to a Reuters story on the public offering, '…Solazyme is looking to commercialize its fuel technology in the 2013 time frame, with a production cost target of $60 to $80 per barrel. To get there, it will have to build a commercial-scale algae plant, which can cost more than $100 million.'
'In our discussions with leading algae producers, it's become clear that they need our chemical-free and low-energy dewatering and cracking process to meet commercial scale requirements,' said Paul Reep, OriginOil's Senior VP of Technology. 'We occupy a unique position in the fast-growing algae industry and our move to a national exchange will help facilitate our delivery of systems and proprietary technology to key customers.'
OriginOil recently announced an order for a large-scale algae extraction system from MBD Energy, Ltd. (MBD), a leading solutions provider in the field of industrial CO2 waste management. The order follows recent trials of OriginOil's equipment focused on optimizing capacity to handle large volumes of algae continuously.
The new system on order is one of the largest next-generation extraction systems of its kind. The equipment is expected to process up to 1100 liters (300 gallons) per minute of algae culture continuously, enough to process the daily harvest at MBD's upcoming one hectare (2.5 acre) site at Queensland's Tarong power station.
The company discussed its path to commercialization in a presentation to the National Algae Association, documented in this video.
About OriginOil, Inc. (web address: www.originoil.com)
OriginOil helps algae growers extract oil from algae for use as a feedstock for the commercial production of transportation fuels, chemicals and foods. In a single step, our breakthrough technology efficiently dewaters and breaks down algae for its useful products, overcoming one of the greatest challenges in making algae a viable replacement for petroleum. As a pioneer and the emerging leader in the global algae oil services field, OriginOil supports its core algae extraction technology with an array of process innovations for some of the world's most successful algae growers and refiners, just as pioneers like Schlumberger and Halliburton have done in the oilfield services industry. 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.
OriginOil to up-list its shares to trade on senior U.S. Securities Exchange, Solazyme's successful IPO proves strong institutional investor demand for algae stocks
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